If you have a federal student loan, your payments and interest have been paused since the early days of the COVID-19 pandemic, but they will be starting again January 1, 2023.
As part of the transition to repayment, borrowers earning less than $125,000 annually or households who earn less than $250,000 are eligible for debt cancellation. The maximum cancellation for Pell Grant recipients is $20,000, while non-Pell Grant recipients can have up to $10,000 canceled. An application will be available soon and due by December 31, 2022.
To manage your student loans, consider refinancing.* With the Fed poised to raise rates again, now is the best time to lock in a competitive rate. You may be able to extend your term and lower your monthly payments as well. If you have funds left over from a Pell Grant, you can use them to pay down your federal student loans and refinance to a lower rate with a private student loan from Members First. Note the Pell Grant excludes private student loans.
Managing your student loans can be stressful, but we can help you take control and hand over the keys to your future.