The Biden administration is doing us dirty by restarting student loan repayments while we’re still very much so in the middle of a pandemic, but these are the cards they have dealt us. February 1, 2022, marks the days the student loan payments will restart. But rather than anxiously waiting for the dreaded day, here are some productive things you can do to prepare for the restart of student loan repayment:
1. Start reviewing your student loan information now.
Look, I like to ignore all those calls and emails from Sallie Mae, too. Out of sight, out of mind, right? But with February approaching right around the corner, it’s best to review all the important details of your student loan repayments so that you can make the most informed decisions about your payments.
2. Create a new budget.
It’s going to hurt adding in student loan payments to your monthly budget, so why not go ahead and rip the bandaid off now? It’s never too early to make a budget for the months ahead, and doing so can help you better prepare for expenses.
3. Do your homework.
Sallie Mae wants her money, so you’re likely not going to be spoon-fed with information about different ways to tackle your student loans. Instead, it’s up to you to do your research and find out what refinancing options are available for you.
4. Pay now if you can.
Student loan repayments are still frozen, meaning you can pay off your loans right now interest-free. Now is the perfect time to get ahead of the costly expenses that build up because of interest. So if you’ve got the money, start paying off your loans immediately.
5. Make sure your current repayment plan is right for you.
Has your income changed since student loan repayments were paused? You can always adjust your monthly payments to a plan that’s best for you. And if you decide to change your repayment plan down the line, you can do that, too.
We’re all dreading the return of these repayments, but staying informed is the best way to tackle them!