How to Manage Repayment of Federal Student Loans this October

Jennifer Arocha is the Project Coordinator for the Consumer Bankruptcy Project.

The COVID-19 Pandemic Payment Pause on federal student loans will be ending soon with repayments starting this October. According to a recent report from the Consumer Financial Protection Bureau, one-in-five student loan borrowers are at risk of struggling when they resume making mandatory payments towards their federal student loans. Those who are already struggling with other financial obligations are particularly likely to face difficulties in making their student loan payments unless they receive some form of payment relief. To prepare for payment resumption, it is important for borrowers to establish a clear objective for repayment, enroll in affordable repayment plans, and explore various federal programs for managing student loan debt. Our short, animated video outlines several key strategies that will help borrowers effectively manage their student loan debt and work towards achieving financial stability and long-term success.

This communication is for the general education and knowledge of our readers. Because all legal problems involve their own specific set of facts, this informational resource is not and should not be used as a substitute for independent legal advice. This informational resource also is not intended to create, and its receipt does not constitute, an attorney-client relationship. Please contact competent, independent legal counsel for an assessment of your particular legal concerns, or contact our Legal Hotline (212.626.7383 or https://www.citybarjusticecenter.org/legal-hotline/) to determine whether you qualify for assistance from the City Bar Justice Center.