For those enjoying the COVID-19 pandemic forbearance on making federal student loan payments during 2021, it is time to pay attention to those payments again, as payments will start as early as February 1, 2022. If you feel that you are not ready to make payments again, you are not alone. Most federal student loan borrowers (89%) believe they are not secure enough to begin making payments again, even though they are employed, according to the Student Debt Crisis Center.
However, regardless of how you feel, the forbearance will be ending shortly. If you believe you can not make payments, you may want to see what is available. I expect there may be additional repayment programs or refinancing offers put in place to help get a handle on this crisis.
If you find yourself in this predicament, you may want to consult with a student loan advisor, or a consumer advocate attorney in your area. It is usually advantageous to be proactive in these type of situations.
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