Student Loan Payments , Are About to Resume .<br />CNN reports that federal student loan borrowers will <br />be required to make monthly payments for the first <br />time in over three years beginning in October.<br />Payments were put on hold in March of 2020 to provide relief to almost 44 million people amid the pandemic. .<br />This fall, the pause is set to expire <br />after a number of extensions by both <br />the Trump and Biden administrations.<br />CNN reports that interest will start to accrue <br />again on September 1, returning to the same <br />rate as before the pandemic freeze.<br />Betsy Mayotte, president of The Institute of <br />Student Loan Advisors, notes that borrowers should recertify their income if they have experienced <br />a decrease in pay or increase in family size. .<br />CNN reports that millions of <br />borrowers will now have a different <br />loan servicer than they did in 2020.<br />Borrowers can find out who is <br />servicing their loads by logging on <br />to the Federal Student Aid website. .<br />Automatic payments that were set up prior <br />to the pandemic pause will probably need to be <br />set up again by visiting loan servicer websites. .<br />CNN reports that borrowers can apply for several different <br />kinds of income-driven plans that have the potential <br />to lower the size of payments due every month.<br />The Biden administration continues <br />to search for alternative ways to<br />provide debt relief for student borrowers.
