Press Release

*State Launches New Website to Help Federal Student Loan Borrowers Plan for Resumption of Monthly Payments*" " 

"Michigan.gov/StudentLoanRestart provides tips, assistance as federal student loan payments resume in October" 

 

*Media Contact: Laura Hall*, 517-290-3779, [email protected]  

*Consumer Hotline:* 877-999-6442, Michigan.gov/DIFScomplaints [ [link removed] ]   

  

*FOR IMMEDIATE RELEASE:* October 2, 2023  

  

(LANSING, MICH) With federal student loan payments resuming in October [ [link removed] ], the Michigan Department of Insurance and Financial Services (DIFS) is announcing that the State of Michigan has recently launched a website [ [link removed] ] to provide tips, resources, and assistance to student loan borrowers.  

 

“Hundreds of thousands of Michiganders, including thousands of seniors, have federal student loans and it is important that they know that their monthly payments will begin again soon,” said *DIFS Director Anita Fox. “*Michiganders who are worried about making their student loan payments should remember that repayment plan options may be available to help them lower their monthly payments. We have recently created a website, Michigan.gov/StudentLoanRestart [ [link removed] ], which can serve as a one-stop shop for Michiganders to learn more as they prepare to once again pay their monthly student loan payment.”  

 

To provide temporary relief during the COVID-19 pandemic, the U.S. Department of Education put a pause on federal student loan payments beginning in March 2020. The federal government recently announced that this pause is ending, and that student loan payments will once again be due starting in October. If you have federal student loans, here are some steps you should take to make sure you are ready for to resume monthly payments: 

 


* *Make sure your monthly budget can accommodate your student loan payments.* If you are concerned you won’t be able to make your payments, consider applying for an income-driven repayment plan [ [link removed] ], which can lower your payments, depending on your income and family size. 

* *Update your contact information in your profile on your **loan servicer’s* [ [link removed] ]* website and in your **StudentAid.gov* [ [link removed] ]* profile*. To find out who your loan servicer is, visit your StudentAid.gov account dashboard and scroll down to the “My Loan Servicers” section; call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243; or review your monthly bill. 
* *Keep an eye on your mailbox*. At least 21 days before your first payment will be due, your loan servicer(s) will send you a billing statement or other notice that will include your payment due date, upcoming interest, and payment amount. That information should also be available on your loan servicer’s website.* * 
* *Protect yourself from scams involving student loan payments and assistance. *Don’t give your Federal Student Aid ID, account information, personal or financial information to anyone who contacts you. The U.S. Department of Education and your federal student loan servicer will never call or email you asking for this information. Also, never pay an outside company for help with your federal student loans. Your loan servicer will help you for free. Contact your servicer to apply for income driven repayment plans, student loan forgiveness, and more. 

 

If you have questions or need assistance navigating the student loan repayment process, visit Michigan.gov/StudentLoanRestart [ [link removed] ]. For information or assistance from the federal government, visit StudentAid.gov [ [link removed] ] or call the Federal Student Aid Information Center at 1-800-433-3243. 

 

The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. For more information, visit Michigan.gov/DIFS [ [link removed] ] or follow the Department on Facebook [ [link removed] ], Twitter [ [link removed] ], or LinkedIn [ [link removed] ].   

 

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