If your finances have changed in the last three years, your current repayment plan may not be the best fit. Or if you’re a recent grad who has never made a payment, take a look at what options are available. While the standard 10-year repayment plan — the default for newly minted grads — may be best, there are a wealth of options.
The Education Department’s Federal Student Aid office has a loan simulator tool that lets you see how you can lower your payments or pay off your debt faster. Your loan servicer can also provide information. In fact, now may be the best time to contact your servicer to avoid long wait times.
After Congress refused last year to give the student aid office more money, the department reduced the amount of money it pays servicers and the number of call center hours servicers must provide. That will probably result in longer wait times once the payment moratorium ends.
Source link: https://www.washingtonpost.com/education/2023/06/02/student-loan-payment-pause-nears-ending/