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Repayment Will Resume August 31, 2022

Updated: Jun 2, 2022

Considering that this is the final extension, now is the time to double-check that your loan information is correct. Borrowers should consider the following seven recommendations:



Get to know (or refresh yourself with) your student loans.


Borrowers should take advantage of the payment stop, even if it has been extended, to get their ducks in a row. Get answers to the following questions:


1.) How much do you owe on your account(s)?

2.) What are the different sorts of loans you have?

3.) What is the name of the company that is now servicing your account?

4.) Has your servicer changed?

5.) What are your interest rates?

You'll be better equipped to manage your debts if you know more about them.

Because many accounts were transferred to different servicers during the epidemic, it's critical to know which company is currently handling your account.

Double-check your contact information to make sure it's correct.

Make sure your loan servicers have your current contact information, such as your email address, mailing address, and phone number. When the payment pause is set to end, servicers must provide you with some very important information that you need to receive.

Figure out how much you'll have to pay each month.

"Is it affordable?" you should ask yourself once you've calculated your monthly payment. If not, there are a number of payment options available.

If you can afford it, begin paying before the pause expires.

Due to the suspension of student loan payments, the interest rate on loans has been reduced to 0%. That's a fantastic gift! This means that all payments are applied directly to the principal balance rather than the interest during the pause. Now is an excellent moment for borrowers in good financial standing to pay down as much principal as possible.

Consider different payment options if you don't think you'll be able to afford your monthly payment.

Under current federal student loan programs, there are a few options for lowering your monthly payment. Some options are determined by your earnings and household size, while others are dependent on your loan balance.

Don't anticipate your college debt to be completely forgiven.

Even while some student debt has already been canceled through pre-existing forgiveness programs, President Biden has signaled that he will not use his executive authority to eliminate all student debt. If you aren't enrolled in a debt forgiveness program, don't count on blanket forgiveness to save you. Optimizing your financial goals within the current framework of federal programs is the most secure approach to discharge your student loans.

Don't put all of your trust in your servicer to manage your account.

Every day, we hear about how difficult and stressful it is dealing with servicer calls and obtaining assistance in determining the best alternatives for managing your repayment programs.

Many clients are expressing doubt that their service providers are acting in their best interests:

Remember that the PSLF (Public Service Loan Forgiveness) Limited Waiver will expire on October 31, 2022.


If you work in public service, you must complete all required actions prior to that date to be eligible for discharge. More than 100,000 borrowers have been approved for discharge to date.

Contact EDAPT STUDENT SERVICES now if you want to make sure your loans are in the best possible shape before August, or if you have any questions about this final extension.

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