To say this year has been a confusing one for student loan borrowers is an understatement. With two student loan debt relief programs still tied up in the courts and a new administration taking office soon, you may feel uncertain about what lies ahead for your loans or debt relief program.
I’ve worked as a student loan expert for over 15 years and have witnessed my fair share of student loan program changes. However, I’ve never been through a period more complicated and tumultuous than the policy tug-of-war we’ve seen over the past few years. So how should you approach your student loan repayment strategy with so many factors up in the air?
You can’t control the fate of debt relief programs or income-driven repayment plans, but you can do these six things to regain control of your student loans. Do you know how much you owe in total on your student loans? You might have an idea (or think you do), but it’s important to check. Many borrowers I’ve worked with are surprised to find they owe more than they initially borrowed when it’s time to start repayment. This is because most loans, except subsidized ones, begin accruing interest from the moment they are disbursed. Outstanding interest, which has not been capitalized or added to your loan, is listed separately from the principal balance. To fully understand your loan balance, it’s important to carefully review your statements.
If you know who your student loan servicer is, you can log into your online account to check your balance. If you’re not sure, you can find out by logging into your Federal Student Aid account and visiting the My Aid page.
- Este ano tem sido confuso para os mutuários de empréstimos estudantis.
- Existem dois programas de alívio da dívida ainda em disputa nos tribunais.
- Como abordar sua estratégia de pagamento de empréstimos estudantis.