MINNEAPOLIS — Like it or not, it's time to get reacquainted with your federal student loans.
Payments have been paused since March 2020 due to the pandemic, but they're set to resume in October.
Here are three things to know if you need to start repaying your loans.
1. Double check your email and phone number
To log into the federal student aid website, you need your FSA ID, email or phone number. But it must be the email and phone number associated with your student aid account. The Department of Education says users often find it's an old email associated with their account, like one from a past school or even their parents' email address.
2. Check out income-driven repayment plans
They can lower your monthly payment, depending on your discretionary income. You've likely been hearing a lot about the Biden administration's new plan called SAVE, but their are other plans available, too.
If you call your loan servicer, they can help you get on the best plan for you - whether it's one with the lowest monthly payment or one that saves you the most on interest.
3. Enroll in autopay
Why? Because if you do, your servicers will shave .25% off your interest every month. If you have a big balance, that can add up. You can sign up on your servicer's website.
WATCH MORE ON KARE 11+
Download the free KARE 11+ app for Roku, Fire TV, Apple TV and other smart TV platforms to watch more from KARE 11 anytime! The KARE 11+ app includes live streams of all of KARE 11's newscasts. You'll also find on-demand replays of newscasts; the latest from KARE 11 Investigates, Breaking the News and the Land of 10,000 Stories; exclusive programs like Verify and HeartThreads; and Minnesota sports talk from our partners at Locked On Minnesota.
- Add KARE 11+ on Roku here or by searching for KARE 11 in the Roku Channel Store.
- Add KARE 11+ on Fire TV here or by searching for KARE 11 in the Amazon App Store.
- Learn more about the KARE 11+ app for Apple TV in the Apple App Store.
- Learn more about KARE 11+ here.
Watch more local news:
Watch the latest local news from the Twin Cities and across Minnesota in our YouTube playlist: