SPRINGFIELD, Ill. – Federal student loan payments are starting back up again in October, and there’s options for those concerned about making those payments.
Ana Moya of the Illinois Student Assistance Commission says one option is the website studentaid.gov. She says the website can provide information such as one’s loan, the lender, interest rate, and if your contact information is up to date.
Moya says it can also provide options for those concerns about making their payments.
“There are several different repayment plans. And a couple of them are designed to be based on the borrower’s interest,” Moya said. “You might have seen in the news or heard about it, but Biden did roll out a new plan that is based on the student’s income, and that’s the SAVE plan.”
The SAVE plan allows for monthly payments to be 10% of a borrower’s discretionary income, which is what is left for a person after paying for things such as groceries and rent for the month.
