UMD Expert Gives Advice On Federal Student Loan Repayments Resuming

DULUTH, Minn. — After more than a 3-year pause, student loan payments will start up again in October.

The federal student loan repayment pause started in the spring of 2020. Repayments are for people who are no longer enrolled in classes or enrolled at less than half time.

We spoke with UMD’s director of the Office of Financial Aid and Scholarships who says there are lots of different repayment options available and a servicer can help with that. She says the best thing to do is get organized and ready.

“Best word of advice is to prepare. Really, go to studentaid.gov, take a look at what your options are, reach out to your student loan servicer, don’t ignore it,” said Donna Goeden, director of the Office of Financial Aid and Scholarships.

The financial aid director also says for borrowers to better prepare, they can go through a loan simulator, and get an idea of what they think is best for them before talking to a servicer.