Federal student loan repayment, collections, & interest accrual suspension extended

Until May 1, 2022, student loan borrowers are not required to make payments on their loans. Interest will not be accrued during this time period. In addition, during this repayment suspension, collections attempts cannot be made. 

Who qualifies for student loan relief

This particular relief offered by the federal government only applies to federal student loans. However, during COVID, lenders have been generous. So, it’s possible that the owner of your private student loan can offer you some form of payment relief. If you’re unsure who your private student loan lender is or don’t know how to contact them, you can review our guide to locating your private student loan servicer.

How to prepare for student loan repayments

Although student loan repayments, interest accrual, and collections attempts have been suspended until May 1, 2022, now is the time to ensure you’re prepared.

Can you handle your monthly payment?

If not, reach out to your student loan servicer and uncover your options, which could include lowering your monthly payment or deferring your payments.

Do you know who your federal student loan servicer is?

Some student loan services have opted to stop servicing federal student loans. Around 15 million federal student loan borrowers are serviced by these particular servicers. Roughly half of the affected borrowers will be reassigned to a new servicer by the time student loan repayments begin. The other half can expected to receive a new servicer by the end of 2022.

If your servicer is reassigned by May 1, 2022, it’s important that you know who they are and how to reach them. Most importantly, it’s vital that they know how to reach you so that they’re able to provide you with information on your federal student loan, such as when your repayments will start and how much you’ll owe. You’ll also want to confirm other details, including your interest rate, other terms of your loan, and how payments can be made.

Connect with your federal student loan servicer before repayments begin

Our guide to locating your federal student loan servicer will help you if you’re unsure who your servicer is or don’t know how to reach them.