IF you’re among the millions of borrowers who took advantage of the hiatus on federal student loan payments, it’s time to tighten your belt. With the Supreme Court’s June decision to strike down President Joe Biden’s student loan forgiveness plan— which would have given qualifying borrowers up to $20,000 in federal student debt relief—and repayments beginning in October, you’ll need to make monthly payments again soon.
The thought of parting with that cash might evoke the same sense of dread you felt during your final exams in college. Yet, just as in those college days, the more you prepare, the better off you’ll be.
GET THE FACTS STRAIGHT
A lot has happened since loan payments and interest accrual were first suspended in early 2020: A pandemic swept the globe, a new U.S. president took office, and civilians went on the first trip to space without any professional astronauts. Much has likely happened in your personal life as well. Perhaps you moved, landed a new job or got married. Maybe all three.
In the meantime, there’s a good chance you may not remember who your student loan servicer is or how much you owe. In addition, your home address, e-mail address and bank information may have changed. On top of that, you may have a new loan service provider or platform. More than 17 million accounts for federal student loans have been transferred, and more transfers—either to different servicers or different servicing technology platforms—are expected in the coming months, ultimately reaching more than 30 million accounts, according to a June report from the Consumer Financial Protection Bureau.
Denne historien er fra September 2023-utgaven av Kiplinger's Personal Finance.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra September 2023-utgaven av Kiplinger's Personal Finance.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
HOW INFLATION ADJUSTMENTS WILL AFFECT YOUR TAXES
We looked at IRS rules for 2025 on everything from tax brackets to how much you can save in retirement accounts.
GUARD AGAINST IDENTITY THEFT IN THE NEW YEAR
Scammers are getting better at impersonating legitimate businesses.
SHOULD YOU BUY PET HEALTH INSURANCE?
You can fend off big veterinary bills with a policy that covers your furry companion.
THE LOWDOWN ON BUYING A VACATION HOME
If you return to a beloved destination again and again, purchasing a home there may be a smart move-but don't overlook the costs and effort that go into it.
HOW COUPLES CAN MANAGE DIFFERING RETIREMENT TIME LINES
Staggered retirement is increasingly common, but it can create financial and emotional challenges.
AVOID THESE CREDIT MISSTEPS
KIPLINGER ADVISOR COLLECTIVE
WHAT YOU NEED TO KNOW ABOUT WORKING FOR YOURSELF
Whether you're looking for a side gig or planning to start your own business, it has never been easier to strike out on your own.
My Top 10 Stock Picks for 2025
SINCE 1993, I have offered an annual list of 10 stocks with the potential to beat the market in the 12 months ahead. My 2024 selections notched the highest return ever: an average of 48.9%. I beat the S&P 500 index by 10.8 percentage points, and every one of my stocks was up-six by more than 30%.
WHAT MAKES AN ETF SUCCESSFUL?
EXCHANGE-traded funds have exploded in popularity, with the industry now reaching the milestone of $10 trillion in assets.
TIPS FROM INSIDERS
When corporate insiders buy or sell, it can offer clues on whether you should do the same.
