GREENSBORO, N.C. — Once again, there are changes to student loan policies. President Joe Biden announced Wednesday the government will provide $10,000 in student debt cancellation for millions of Americans — and up to $10,000 more for those with the greatest financial need — along with new measures to lower the burden of repayment for their remaining federal student debt.
These kinds of policy changes always lead to texts, emails, and calls about how this company or that company can "help you" with your loan. Whatever you do, don't click here and don't give random callers your information.
“The Department of Education is not going to call you, text you, they may send an email, you need to make sure you're only looking at .gov emails. Do not get scammed by these people who say they're going to do something for you, because you're likely to lose money,” said Ja’Net Adams, money expert and founder of Debt Sucks University.
StudentAid.gov is the website you want to go to for all your loan information. Whatever question you have about how much you owe, who you owe it to and when is on this site. This is the Department of Education's federal student aid site.
Because the payment pause was due to expire in about a week, student loan companies have probably already sent out letters telling you to pay up.
“People at the beginning of this month started receiving repayment letters from their student loan companies, they're very eager to get your interest payment and your loan payment again. Understand you don't have to pay anyone right now since the pause has been extended,” said Adams.
Adams says students and parents need to be patient. Just because the President put all this in place, doesn’t mean that everything on the website has been updated. Give the website some time to reflect all of the changes.