How To Prepare Yourself for Student Loan Payments Restarting

The COVID-19 student loan relief program has seen its share of extensions. The most recent one is set to expire May 1, 2022.

This means that you need to take steps to prepare for student loan payments to resume. Here are a few steps you can take to help you prepare:

1. Get in Touch With Your Loan Servicer

With student loan payments restarting soon, you will need to stay in contact with your loan servicer. There may have been important updates to the terms of student loan repayments — especially after a long payment hiatus.

Performing this step will also allow you to change certain account details you have on your account. In particular, you’ll want to update your contact information and other information like your income if there have been changes to it.

2. Determine the Amount You Need Pay

Besides finding out how much you’ll have to pay once student loan payments restart, you also need to find out when you have to pay. To find this information, you can log into your account on your servicer’s portal or call them.

3. Update Your Repayment Plan

You may have had different circumstances when you selected your repayment plan in the past. Between that time and now, your circumstances may have changed. Whatever the changes in your circumstances are, you need to look at your current repayment plan and make sure it still suits your situation.

4. Consider Ways To Lower Your Future Monthly Payment

If you don’t think you’ll be able to afford your monthly payments you can apply for an Income-Driven repayment (IDR) plan. On an income-driven repayment plan your monthly payments will be capped to a % of your discretionary income which can help make your payments more affordable. If you’re already enrolled in an income-repayment plan but your income has changed you can request a payment recalculation from your student loan servicer.

5. Arrange for Temporary Relief If Necessary

If your estimated payment still seems too high you may be able to temporarily suspend your payment all together by requesting deferment, or forbearance. Getting relief comes with pros and cons and can affect your progress towards certain programs like PSLF. Hence, you need to consult your loan servicer before making this decision.

Wrapping Up

Student loans payments will resume before you know it so it’s important to prepare now. Are you looking to be better at saving money? Check out our resources to improve your saving skills and financial literacy today.

Use Chipper for Lower Payments

Chipper can help you find a student loan repayment plan that actually fits into your budget. You simply fill out your information and link your student loan account for us to generate your options in seconds. We help the average student loan borrower save over $300 a month off their student loan monthly payment. Lowering your monthly payment plan can game changing for your personal finance and can be done in minutes! Sign up for Chipper today to get on track with your student loans.

Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.