After a lengthy pause, federal student loan repayments are set to restart in October. National Association of Student Financial Aid Administrators President and CEO Justin Draeger advises borrowers to start coming up with a repayment plan now, don't wait. Though, Draeger notes,"because it is a federal loan program, there's lots of bureaucracy and complexity around it, and it can be difficult to navigate all of the different options and benefits that are available.
Draeger also says students can call their loan servicer or their college or university's financial aid office for help.Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting"I want more curiosity and less dogma. I want less indoctrination," University of Florida president Ben Sasse said of college curriculum.
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Student loans: Education official explains what borrowers should knowFederal student loan payments are set to resume on October 1 with interest already accruing for borrowers in September. U.S. Under Secretary of Education James Kvaal joins Yahoo Finance Live to share the list of federal programs that will aid Americans in paying off their student debt, including President Biden's SAVE plan. 'College costs now [are] not just an issue for a student but it's an issue for their families,' Kvaal notes. 'Oftentimes, people who are still repaying their student loans are struggling to pay for their children's education, struggling to start a business or start a home, so this really is an issue... that affects families and communities and really the economy as a whole.' Kvaal also goes into detail about updates to FAFSA applications and the challenges that put borrowers at risk of defaulting on their loans. Click here to watch more of Yahoo Finance's special coverage 'Student Loans: Crisis or Crucial?'
Source: YahooFinanceCA - 🏆 47. / 63 Read more »