[1]Alexandria Ocasio-Cortez for Congress



Student loan payments are starting on October 1st.

While we disagree with lifting the student loan payment pause, we do think
it’s important that people have the facts. Tons of people have been asking
about where to even start after 3 years of suspended payments.

So Alexandria put together a multi-video guide to walk you through all
things student loans: from how to make a payment, to how to report your
servicer if they’re violating the new laws, how to apply to new programs
that can reduce (or even eliminate) your student loan payment, and more.
She also discusses where we are in the larger fight for debt cancellation
— because we’re not giving up.

We’ll go through the important highlights in this email, but [ [link removed] ]you can
watch the videos on YouTube here (or if you’re on TikTok, check out the
series [ [link removed] ]here) →

[ [link removed] ][IMG]

First of all: if you can help it, do not wait until the night before your
payment is due to start this process. With millions of people all
restarting their payments at once, customer service lines for lenders are
going to be completely overwhelmed.

There are also some new repayment programs you should know about. Under
SAVE, single borrowers on an income of $15/hour or less won’t have to make
any payments at all, nor will married borrowers in a household of 4 making
less than $60K/year. And even if you make more, the SAVE program is likely
to cut your monthly payments in half. Learn more at studentaid.gov/SAVE.

It’s also important to note that, for the next 12 months, no one’s credit
will be hurt if they can’t afford to pay, or make a late or partial
payment — but while you won’t get a ding on your credit, interest will
still accrue.

4 in 10 people will also have a different loan servicer than they did
before COVID — and you may not even realize that your debt was sold. So
once you are ready to make your first payment, double check who you
actually have to make a payment to.

And regardless of whether or not your lender has changed, update your
contact info on studentaid.gov and your servicers’ website. Even if your
lender can’t contact you, that won’t stop them from charging you interest.

We hope these tips will be helpful as you navigate the process of
repayment. And of course, the fight for student loan cancellation and
higher education reform is not over. No one should have to take on a
lifetime of debt in order to get a degree.

Yours in service,

Team AOC

 



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