What to do if you're worried about resuming student loan repayment

The video discusses the resumption of student loan payments after a three-year freeze, following a Supreme Court ruling against the Biden administration's loan forgiveness plan. It provides tips for borrowers, including income-driven repayment plans, forbearance, and avoiding scams. Borrowers are advised to prepare early to maximize their options.

What recent decision did the Supreme Court make regarding student loans?

• Reduced the interest rates on student loans

• Extended the student loan payment freeze

• Ruled against the Biden administration's loan forgiveness plan

• Allowed the Biden administration to forgive student loans

What is a key feature of income-driven repayment plans?

• They require a co-signer

• They are based on your income and family size

• They are only available for private loans

• They automatically forgive all remaining debt

Why should forbearance be considered a last resort?

• It is only available for a limited time

• It requires a lengthy application process

• Interest continues to accrue during forbearance

• It permanently reduces your loan balance

What should you be cautious of as student loan payments resume?

• Receiving emails from unknown loan servicers

• Receiving paper statements from your loan servicer

• Offers to consolidate loans at a lower rate

• Opportunities to refinance with private lenders

How can you protect yourself from scams related to student loan payments?

• Only respond to phone calls from debt collectors

• Share your personal information with any loan servicer

• Ignore all emails about student loans

• Verify billing statements received 21 days before payments resume