The U.S. Department of Education has extended the student loan payment till May 2022. You can find more information about COVID-19 relief by visiting their website on studentaid.gov. The following relief measures are expected: loan suspension till May 2022, 0% interest rate and stop collection on the defaulted loans by students. Study more details and act now.
Set goals for repayment beginning today
Keep all your profile related information handy liked your phone number, your ID, your student Social Security number. Make sure you know who’s your loan servicer- provider. Keep records of related numbers and codes that you might require so that you can navigate your loan repayment journey smoothly. You must know who your loan servicer is as they are going to answer your questions about repayment in that starts May 2022. It is highly recommended that you start updating your profile right away and not wait until May to get started.
Remember for repayment you must have your profile on loan servicers website and on studentaid.gov profile. So that is your first step to keep your profile updated at studentaid.gov. Second step is to add auto debit enrollment as you start repaying your loan. You can do that by logging into your loan servicers’ website. Auto payment it’s not automatically done. You must go ahead and check those boxes to enable auto payment using your debit card. Understand the process of how to make auto payment and follow through the first autopay and keep checking on it with due diligence.
Make sure you check loan simulator so that you can decide how much loan are you paying and what are your goals to repay the loan. You may examine income driven repayment (IDR) plan for making payments easy and affordable.
Note that this is just a general overview, and you must visit the website and your profile to take necessary actions for loan repayment. Stay organized and keep necessary notes to make sure you pay off your loan when it opens in May 2022.
Also, you must make a note that there is no corona virus loan forgiveness for federal student loans. You must check with your trusted sources of your loan servicer before you decide or determine what is your status of loan repayment. Contact your loan servicer and find out all your questions and needs about your loan repayment and applying for loan forgiveness. Follow through the process of application for loan forgiveness and do the necessary submissions before deadline.
How to avoid student aid loan scams
Everything is free right from the FAFSA account to your loan servicer, to the forgiveness forms and so on. If there is someone offering you to pay off your loans by just putting some down payment or give some money to reduce your loans is a total fraud or scam. Everything you decide is on your profile and that’s the key.
The scam words like we guarantee or repayment just with $1000, we’ve got you financial aid and scholarship covered-all you must do is pay this many dollars. There is no legitimate organization for loan forgiveness or scholarship or repayment in those matters. You only trust the government official website studentaid.gov and your profile with your loan servicer. Taking every due diligence to be not a victim of scammers is in your hands. Instead of falling victim to the scammers, draft your own goals and plans of repayment of your loans with a mature adult or a guardian or parent. Follow through your plan to repay your loans as per your income. Keep yourself organized to repay using your own excel sheet or word doc and goals to repay. It’s very simple if you keep it simple and stay organized to avoid scammers.
Fight Fraud Video can help you understand scams. Before you complain, be certain about it as a scam.
If you have a complaint or something fishy about the scammers who wants to just take your money you must contact OIG hotline at1- 800- MIS-USED (1-800-647-8733) or contact your nearest investigate officer. The operators are available Monday to Wednesday 9:00 AM to 11:00 AM Eastern Time and Tuesdays and Thursdays 1 to 3:00 PM Eastern Time. Federal holidays of course are off.
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