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Student Loan Debt: With Federal Student Loan Payments Set To Resume Soon, Here’s How To Get Prepared

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Federal student loan borrowers have about a month to prepare for the resumption of payments following a payment pause of more than two years that began during the early days of the COVID-19 pandemic. Unless U.S. lawmakers step in to extend the pause yet again, it will end on Aug. 31, 2022, and payments will resume a day later.

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If you have a federal student loan, now is the time to start preparing to pay it again. Federal Student Aid, an office of the U.S. Department of Education, offers the following suggestions to help you get ready.

Save for Your Future

Beyond these steps, you should also start adjusting your budget to make room for the resumption of student loan payments. When the federal student loan moratorium went into effect, many student borrowers redirected that money to something else, according to MainStreet Financial Planning.

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Now is the time to review your budget and adjust your expenses or savings so you can make your payments in full and on time.

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