Tuesday Tips for October 2023

Navigating Student Loan Repayment Restart

Dear FAME,

Across the country, student borrowers are receiving their first student loan bills in over three years. But what happens if borrowers aren't ready or able to repay their student loans? The good news is there are new repayment options, and FAME is here to help!

Below are steps to help borrowers navigate the repayment process. For more in-depth information, visit the new Student Loan Repayment Restart page on our website.

Have questions? Need help with the loan repayment process? We're here for you!

• Call us: Mon.–Fri., 8:00 A.M.–4:00 P.M. at 800-228-3724; or
• Schedule an appointment with one of our College Access Counselors.

1. Confirm your servicer and contact information.

Using your FSA ID, log in to your StudentAid.gov account to confirm your federal student loan servicer (where you'll send your payments), as your servicer may have changed. Additionally, review your contact information to ensure it's correct and current by choosing "Settings" in your profile.

2. Make sure you have an online account with your loan servicer.

Create an online account with your servicer and provide your contact information. If you already have an online account with your servicer, log in and review your contact information to ensure it's correct and current.

3. Review your monthly payment.

While logged into your StudentAid.gov account, review your monthly payment. Does it fit into your budget? If not, consider applying for an income-driven repayment plan. Use the Loan Simulator at StudentAid.gov to review your payment options and select the plan that works best for you based on your repayment strategy and goals.

4. Consider setting up automatic payments.

If your monthly payment works for you, consider reauthorizing or setting up automatic payments. Your loan payments will always be on time AND you’ll save .25% on your interest rate!

5. Determine if you're eligible for loan forgiveness.

If you work for a non-profit, government, or tribal agency while paying on your student loans, use the Public Service Loan Forgiveness (PSLF) tool to see if you are eligible to receive forgiveness. You’ll need to verify your employment yearly. You can learn more about loan forgiveness at StudentAid.gov.

For more information, check out our recent webinar:

We're Here to Help!

FAME's College Access and Financial Education Team

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