What You Need to Know as Student Loans Gear Up Again
TOPEKA, Kan. (WIBW) - Exactly one week from today, on Monday, April 28, students who owe money on loans will need to begin making payments again or they could incur penalties.
If you owe money from student loans, it's time to make your payments.
"No one wishes to witness your failure to repay student loans; this is indeed the reality," stated Ginger Ellsperman. Housing and Credit Counseling .
Payments restart on May 5th, according to Ellsperman; give it your all, otherwise face the repercussions.
If missing nine payments puts you in a defaulted status, this is where situations become severe," explained Ellsperman. "This is when the Department of Education intensifies efforts towards collection.
If payments are not received yet, more severe consequences may ensue.
"If they proceed with wage garnishment, they can take up to 15% of your earnings; typically, though, they'll simply levy your tax refunds, along with 15% of your Social Security income," explained Ellsperman.
Spiderman suggests that adopting small measures can assist you in steering clear of the disorder...
The initial step involves logging into studentaid.gov, checking the status of your loans and identifying which entity is managing your student loans, followed by attempting to establish repayment plans if they have not been set up yet," stated Ellsperman.
Should you be concerned about additional costs, consider exploring the different plan options.
"So you've got the income-driven repayment plan, which was the first one set up by Congress, making it quite robust, and then there's also the pay-as-you-earn option," explained Ellsperman.
Ellsperman indicates that resources are accessible to assist you in choosing a plan or escaping from default.
"They have the option to reach out to us; we can arrange for them to receive complimentary student loan counseling. I'll access their student aid account and discuss their goals—whether they prefer smaller payments due to low income or aim to pay off their loans more quickly," explained Ellsperman.
HCCI is located at 1195 Southwest Buchanan Street.
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