Summary:
- The freeze on student loan payments is ending, and borrowers will need to start making payments soon.
- Interest will begin accruing on September 1st, and payments will become due starting in October.
- Students and graduates should visit studentaid.gov for information about their loan lenders and payment details.
- Keeping contact information up to date is crucial to stay informed about payment changes.
- Lenders are expected to provide a 21-day notice before requiring upcoming payments.
The freeze on student loan payments is coming to an end and it's happening soon. Find out how this change will impact borrowers and what steps they can take to prepare.
Understanding the Transition
When making the decision to go to college, paying for classes, tuition, and housing starts to add up. Taking out loans becomes a common way to cover these costs. For many students, including UW Milwaukee Junior Natalie Dibbert, student loan payments will soon become a reality.The Current Situation
So far, the freeze on student loan payments has provided relief to students, as no payments were due, and interest was not accumulating. However, after three years, this pandemic-era freeze is coming to an end.Changes Ahead
Interest will start accruing on September 1st, and payments will be due starting in October. This change affects not only current students but also graduates who may be unsure about handling these new obligations.Managing the Transition
Dealing with the amount owed can be intimidating. Casey Roder, Director of UWM Financial Services, suggests taking the first step by visiting studentaid.gov. This website provides information about loan lenders, payment details, and contact information.Updating Contact Information
Roder emphasizes the importance of keeping contact information up to date. The Department of Education is already reaching out via email to ensure that borrowers' email addresses and mailing addresses are correct to avoid missing crucial information.Notice from Lenders
Borrowers should expect lenders to provide a 21-day notice before upcoming payments are due.Conclusion
As the freeze on student loan payments comes to an end, borrowers need to be prepared for the changes ahead. Staying informed and updated will be key during this transition.In Milwaukee, Stephanie Quirk, Fox 6 News.
Roder says lenders should give notice about upcoming payments 21 days before they're due.
Tags
Business