Borrowers of federal student loans need to get ready to start making payments again. The current suspension of federal student-loan repayments was extended through May 1. It’s possible that the pandemic-inspired suspension, in effect since early 2020, could be extended. The government also could cancel certain student-loan debt entirely, as some advocates are pressing for. But, meanwhile, borrowers need a game plan.
Here are some answers to questions about what to do.
Q. What can I do now to prepare?
A. Get organized. Update your contact information with your loan servicer and on studentaid.gov. Review your repayment-plan options using the Federal Student Loan Simulator tool at studentaid.gov/loan-simulator to see if you might be better off with a different plan, such as an income-driven repayment plan, where payments are tied to your income and family size.
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