Michigan launches website to help federal student loan borrowers
(CBS DETROIT) - The Michigan Department of Insurance and Financial Services (DIFS) announced the state has launched a website to help those with federal student loan payments, which will resume this month.
According to a press release, the website will include tips, resources, and assistance to student loan borrowers.
This comes after the federal government announced that a temporary pause that was put in place during the COVID-19 pandemic would be ending.
"Hundreds of thousands of Michiganders, including thousands of seniors, have federal student loans and it is important that they know that their monthly payments will begin again soon," said DIFS director Anita Fox in a statement. "Michiganders who are worried about making their student loan payments should remember that repayment plan options may be available to help them lower their monthly payments. We have recently created a website, Michigan.gov/StudentLoanRestart, which can serve as a one-stop shop for Michiganders to learn more as they prepare to once again pay their monthly student loan payment."
Anyone who has federal student loans can follow these steps to prepare for payments:
- Make sure your monthly budget can accommodate your student loan payments. If you are concerned you won't be able to make your payments, consider applying for an income-driven repayment plan, which can lower your payments, depending on your income and family size.
- Update your contact information in your profile on your loan servicer's website and in your StudentAid.gov profile. To find out who your loan servicer is, visit your StudentAid.gov account dashboard and scroll down to the "My Loan Servicers" section; call the Federal Student Aid Information Center (FSAIC) at 800-433-3243; or review your monthly bill.
- Keep an eye on your mailbox. At least 21 days before your first payment will be due, your loan servicer(s) will send you a billing statement or other notice that will include your payment due date, upcoming interest, and payment amount. That information should also be available on your loan servicer's website.
- Protect yourself from scams involving student loan payments and assistance. Don't give your Federal Student Aid ID, account information, personal or financial information to anyone who contacts you. The U.S. Department of Education and your federal student loan servicer will never call or email you asking for this information. Also, never pay an outside company for help with your federal student loans. Your loan servicer will help you for free. Contact your servicer to apply for income-driven repayment plans, student loan forgiveness, and more.