When you find yourself currently out of work and facing financial hardships or becoming laid off out of your current a job, understanding and that economic schools and bodies pros open to make it easier to is important. Before you could dive on people decision on how to handle the funds, it is crucial that your speak about and know all of your current options.
Here’s what you can do now to set yourself up to start tackling your loan payments again.
Many borrowers have grown accustomed to having more money in their budgets since they haven’t had to make monthly student loan payments for over a year and a half. With these payments resuming, some borrowers may have to readjust their spending and saving in order to afford this additional bill. And in some cases, that may be easier said than done.
Select spoke with bert-Terry, a managing partner at Yrefy, a lender that specializes in private student loans, to get some tips on how to prepare to restart your student loan payments. Here are 10 steps you can take to set yourself up for success:
1. Make sure you know who your loan servicer is
Over the past few months, some federal student loan servicers have opted to not renew their contracts with the U.S. Department of Education to manage loan payments. This could mean you won’t be sending your monthly payments to the same agency that you did before the pandemic.