Most federal student loans are not due for repayment due to extended coronavirus relief. However, this extension will be over in January 2022. Are you ready to resume your payments? Here’s what you need to know:

How to Get Ready For Resuming Your Student Loan Payments

The Student Aid website offers 6 tips to help you prepare:

  1. Is your contact info up to date?
  2. Get organized by making sure you have all the relevant information about your upcoming payment (amount, due date, and interest amount)
  3. Check for repayment plan options.
  4. See if there is short-term relief available from your loan servicer.
  5. Utilize other options to reduce your monthly payment (see below for other options).
  6. Understand the outcome for defaulting on your student loan payments. Click here for more information on how to get out of default.

Are There Other Options?

Yes, you have options! However, before committing to anything, please be sure to check the Student Aid website to ensure that you do not accept a scam offer.

  • Refinance Your Loan: You may be able to take advantage of lower interest rates or lower your payments by refinancing your loan. has put together information on how refinancing your loan works. They have also answered frequently asked questions with other important information, which we highly recommend you read, especially if you have bad credit. Click here for the article and review the details for refinance rates in 2021 here.
  • Consolidate Your Private loans/Perkins loans: You may want to consider consolidating with the Direct Loan program However, you will want to research this fully before making this decision. You could run into potential problems or not be eligible. Click here for more information.
  • Income-Driven Repayment Plan (IDR): If you are not on an IDR plan, you may want to consider switching to one. Your payments may be considerably lower through this plan.
  • Able to Continue Payments? If you are able to make payments on your student loans without them being due, you will continue making progress toward paying off your loan.

What If I Can’t Afford to Pay?

The Federal Student Aid website offers different types of repayment options based on eligibility. You can also lower or suspend your payments. To read more click here.

Need More Information?

If you are struggling with other forms of debt, you may want to consider filing for bankruptcy. Bankruptcy can reduce or eliminate your debt entirely. And, with the passing of the Consumer Bankruptcy Reform Act 2020, you can include student loans to be dischargeable through a debt-specific repayment plan.

At the Law Office of Daniela Romero, we believe in relationships that are based on trust. Before we work together, we would like to get to know you and we would like you to get to know us. We want you to be sure you are the right fit for us and that we are the perfect fit for you. This will allow you to be completely comfortable sharing intimate and difficult details of your case, so we can offer you representation to the fullest extent of the law. Call us today to set up a free consultation.