Federal student loan bills will resume in October, meaning the time to start budgeting is now. Consumer Investigator Rachel DePompa talks to an expert from The College Investor about everything you need to know to be prepared.
“This will also help you understand what you need to know for repayment. Maybe you need to select a new repayment plan that you can afford that’s more reasonable,” Farrington explained. “Or if you’re on an income driven repayment plan, you might need to recertify your income, especially if it’s been about three years.”
Farrington’s bottom line is that debt holders need to know exactly what their payment will be so they can plan.Fresh Start“And I would remind everyone to look for loan forgiveness options on their student loan. So, if you work in public service, for example, you might need to certify your public service employment. Make sure you’re on that income driven repayment plan so that all your payments count for that future loan forgiveness,” Farrington said.
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