The last in a series of moratoriums on student loan payments is scheduled to end September 30.
CEA Member Benefits partner Cambridge Credit Counseling offers these tips to help you stay on track as student loan payments resume in October, stimulus payments end, and credit card balances tick up.
- Prepare your budget now to ensure you can make your student loan payments starting in October.
- Switch to an income-based repayment plan if your budget is tight.
- Review your loan forgiveness options with Cambridge Credit Counseling.
- Don’t be fooled by recent statements that may indicate you’re making eligible payments toward loan forgiveness. If you see 17 payments or fewer toward public service loan forgiveness, you probably aren’t in an eligible repayment plan. (All plans were credited as eligible during the pandemic, but that will also end in September.)
- The home foreclosure moratorium and mortgage forbearance was extended through the end of June. That blocks home foreclosures and offers delayed mortgage payments until July, as well as offering six months of additional mortgage forbearance for those who enroll on or before June 30.
- If your budget still doesn’t accommodate rent or mortgage payments, seek a HUD-approved counseling agency now.
Questions on student loans or credit card debt? Cambridge Credit Counseling offers free guidance and discounted services for CEA members. Learn more.