Betsy Mayotte said you need to know where your loans are. During the COVID pause, Mayotte said 17 million borrower accounts changed servicers. Go to the Dept. of Education’s website, StudentAid.gov to find out where you debt is.
One you know your loan servicer, make sure they have all of your up-to-date contact information.
“Start opening all the things: snail mail, email, take the call from servicer because you don’t want to miss any important deadlines that might be coming up,” Mayotte said.
Mayotte said you need to find out what your payment is going to be and if you can afford it.
“Take a look at what that student loan is going to be. If it’s not affordable, start looking into the existing lower payment options and possibly apply for one that’s going to best meet your financial goals and budget,” Mayotte said.