JACKSONVILLE, Fla. – In October, millions of borrowers will resume paying their student loans after payments were paused more than three years ago.
Interest started accruing on balances last month.
You should have received a billing notice at least 21 days before your payment is due. If you have not been sent a notice, contact your student loan servicer.
During the pandemic, some loan servicers changed, meaning you may be dealing with a different company now.
If you aren’t sure, you can find your servicer through Student-Aid.gov.
According to the Federal Student Aid Office, borrowers owe more than $1.7 trillion.
News4JAX spoke to a woman in Jacksonville who says the payments are an added burden while she is already struggling to make ends meet.
“I’m still trying to get a job and just moved to Jacksonville so it’s like kind of like against time because I need to get a job before that starts.
Borrowers are also encouraged to review their repayment plans.
If you are struggling to make your payment -- consider switching to a different plan.
The Federal Student Aid website has a “loan simulator” that helps you determine your monthly payment -- with each plan available.
Over the summer, President Biden introduced a 12-month grace period to help borrowers.
If you miss a payment you won’t be at risk of default and it won’t impact your credit score. But interest will continue to build up if you do miss a payment.