CLEVELAND (WJW)– The 0% interest period and repayment pause for federal student loans will end on Jan. 31.
Will I be notified?
Not everyone’s payment is due on Jan. 31. You’ll get a billing statement or other notice at least 21 days before the payment is due.
Will the payments still be 0% interest?
Despite some efforts by Democrats to continue the 0% interest for loans once repayment resumes, there are no plans by the Biden administration.
Will my autopayment restart?
Your automatic debit payments may not restart when the payments begin again. Check with your loan servicer to confirm you’re still enrolled.
Can I lower my payments?
If you’re worried about being able to afford the payments, the Department of Education recommends contacting it immediately. You can apply for a different payment plan based on income. The application requires information on employment, family size, marital status and income.