Federal student loan repayment postponed until May

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Borrowers who were able to pause their federal student loan repayment will see their repayments postponed until May 1, according to KHEAA.

The federal government had intended to have borrowers resume payments in February but decided to wait until May because of the spread of the omicron coronavirus variant.

KHEAA advises borrowers to make sure their loan servicer has their current contact information. If you don’t know who your loan servicer is, you can find it by logging into your account at studentaid.gov. The information will be under the “My Loan Servicers” section.

Clearly, the student loan industry is in need of massive improvements, but student loans are not all evil. Rodolfo Arguedas, ©istockphoto.com/sadeugra (courtesy)

Your loan servicer can also help if you expect to have trouble restarting repayment of your loans. In that case, contact your loan servicer as soon as possible. They can help you find the repayment plan that best fits your finances and could reduce your monthly payment.

KHEAA is a public, non-profit agency established in 1966 to improve students’ access to college. It provides information about financial aid and financial literacy at no cost to students and parents.

KHEAA also helps colleges manage their student loan default rates and verify information submitted on the FAFSA. For more information about those services, visit www.kheaa.com.

In addition, KHEAA disburses private Advantage Education Loans on behalf of its sister agency, KHESLC. For more information, visit www.advantageeducationloan.com.