Preparing for Student Loan Payments: What Hoosiers Should Know as Deadline Approaches
Student Loan Payments Looming: Essential Preparations for Hoosiers
According to a WSBT article, As student loan payments are set to resume in a few weeks, with interest restarting this Friday and payments due in October, Hoosiers need to be proactive in their preparations, according to experts. James Rogers, a senior economics lecturer at Saint Mary’s College, advises borrowers to promptly identify their loan servicer, as it may have changed during the suspension period.
Furthermore, data from the Institute for College Access and Success indicates that a significant 57% of college graduates in Indiana carried student loan debt in 2019-2020, with an average debt exceeding $28,000, underscoring the importance of being well-prepared for the upcoming student loan payments.
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Saint Mary’s College Economist Shares Advice for Managing Student Loan Payments Amidst Uncertainty
James Rogers, a senior economics lecturer at Saint Mary’s College, advises borrowers to proactively contact their loan servicer to confirm their current status, as loan servicers may have changed during the suspension period. Furthermore, data from the Institute for College Access and Success reveals that 57% of college graduates in Indiana held student loan debt during the 2019-2020 period, with an average debt exceeding $28,000, raising questions among many about eligibility for student loan forgiveness.
Rogers acknowledges the uncertainty surrounding this issue, stemming from mixed signals from politicians, which has left borrowers wondering about their relief prospects. In response, Rogers suggests not making assumptions about student loan payments forgiveness and advocates for immediate preparation for repayment, emphasizing that proactive steps should be taken without waiting for favorable developments.
This includes reaching out to determine student loan payments servicer information, understanding payment expectations, and exploring potential alternative arrangements, particularly if budget constraints are a concern. Additionally, with the prospect of resumed student loan payments potentially overwhelming for some, Rogers recommends utilizing the next 30 days to make necessary budget adjustments.
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