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Student loan payments resume May 1 after being suspended for 2 years

student loans
Posted at 6:09 AM, Apr 05, 2022
and last updated 2022-04-05 08:09:52-04

NASHVILLE, Tenn. — After being suspended for more than two years, the pause on student loan payments will be ending soon. Borrowers have less than a month to prepare as May 1 is just around the corner.

The payments were supposed to start in February, but got pushed back several months. The pause was put in place because of the Care Act in 2020.

A survey found that 89% of borrowers are not prepared to begin making payments again.

To find out what you owe, visit this website from the U.S. Department of Education. There you’ll see all the details about how much you owe and will be able to change monthly payments.

If you can’t afford what you had previously set, there are free programs to help you modify it. Experts are there to help and understand the difficulties.

"There are going to be those of us that stumble. But the intention of the care act was for the positive," said Managing Partner at Yrefy Mary Jo Lambert-Terry. "Trying to take people into the right direction and help them during serious times when retail and restaurants were closed and people that had thriving jobs no longer had them. Hopefully, they’ve come back."

Experts said there’s always the possibility the suspension could be extended, but it’s always best to get a head start preparing if you can.

This story was first reported by Amelia Young at WTVF in Nashville, Tenn.