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Blog . How to Prepare for Successful Student Loan Repayment

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How to Prepare for Successful Student Loan Repayment

10/10/23  |  Posted by Tricia Pangonis  |  Posted in Financial Aid

Federal student loan repayments resumed, effective October 1, 2023. It is advised that borrowers use the online resources to manage their loans and perform functions like checking balances and setting up payments. With millions of borrowers transitioning into repayment at the same time, it is possible that loan servicers may be overwhelmed with a high volume of inquiries.

Follow these steps to prepare for successful student loan repayment:

Confirm your loan servicer
Borrowers can find out who’s handling their loan—the servicer—by logging into Studentaid.gov with the same user name and password used for the FAFSA. Visit the “My Loan Servicers” section of your dashboard. Please be aware that the servicer may have changed, as many borrowers had their loans transferred to a new servicer(s) during the payment pause.

Create an account or log-in to your servicer’s website
Review and update your personal contact information, including your email and mailing address so your servicer can reach you. Review your student loan account and monthly amount. If you were previously signed up for automatic debit before the payment pause began, you must reauthorize or select automatic debit again to allow your loan payments to be automatically withdrawn from your bank account every month.

How to Pick the Right Loan Repayment Plan

When you completed loan exit counseling, you selected a plan to repay your student loans. If you didn’t select a plan, you were automatically placed in the standard plan. If the plan you were previously in no longer aligns with your repayment strategy, you may want to consider switching. The Loan Simulator helps you to calculate student loan payments and to choose a loan repayment option that best meets your needs and goals.

Stay Alert and Avoid Scams

Your Federal student loan servicer will provide you with free assistance; you should never pay for an outside entity to help with your student loans.

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