On October 1, 2023, millions of student loan borrowers will return to repayment status on their outstanding debt. Some may find they are a little rusty on the ins and outs of making payments on time. Here’s some information and resources to help you get back in rhythm and pay off that debt as quickly as possible.
The U.S. Department of Education has an excellent tool for estimating your payments based on various life/work scenarios. It’s called the Loan Simulator, and you can find it here.
The calculator offers three starting scenarios:
- I Want to Find the Best Student Loan Repayment Strategy
- I’m Struggling With My Student Loan Payments
- I Want to Simulate Borrowing More
The first option will be the most helpful as you re-enter repayment. The calculator will ask about the status of employment, family make-up, and a few financial questions about income, taxes, and savings. It will also ask for an estimate of your loan balance. You can rely on national averages, but to get the best information, log in and see your loan status and balance. Finally, select your main goal. The options include pay off as fast as possible, the lowest possible monthly payment amount, or payoff by a certain date.
As you review the results, you can modify your choices to arrive at a payment that works for your budget. The most important thing is to make your payments on time and to reach out to your servicer if you run into any money troubles or have questions. You can also reach out to EducationQuest if you need help finding servicer information or to ask basic repayment questions.
By: Stacy Seim & Liz Koop