GREENSBORO, N.C. — That $10,000 to $20,000 in student loan debt relief that was at one time promised, is not happening, at least not right now.
What is happening, is your student loan debt starts accumulating interest as of September 1, 2023, and your payments will start sometime in October of 2023.
All the changes are giving scammers more of an opportunity to trick you.
“Consumers should be very wary of student loan scams during this period. And for the next year, student loan schemes have always existed. But with everything that's going on, this is like Christmas, birthday, and arbor day all wrapped up into one because it's creating a much more believable narrative for the scammers,” said Betsy Mayotte, President of the Institute of Student Loan Advisors.
Here's the thing. The scammers will try to tell you they're trying to help you. They'll tell you they're calling from some agency. Don't believe it. Instead, go to the one source you can trust.
This is the government website for student loans. Any information you need about your loan is going to be there.
“You never have to pay for student loan help. And paying someone for student loan help is not going to get you access to a program that you wouldn't normally be eligible for or get you the benefit faster,” said Mayotte.
When you go to StudentAid.gov you'll want to do these 4 things:
#1 Update your profile and contact information on your loan servicer's website and your StudentAid.gov profile. This is going to make sure you know who your loan servicer is (many loans were transferred to different companies over the last three years) and your loan servicer is the one who has the information on what your payment is expected to be and when it will be due.
#2 Review your payment enrollment or sign-up. Your banking info may have changed, so double-check this.
#3 Look at the loan simulator and find a repayment plan that works for you.
#4 Would an Income-Driven Repayment plan help? You can look at applying for an IDR.
Once the payment pause ends, you'll receive a billing statement or a notice at least 21 days before your payment is due.
This notice will include your payment amount and due date.