What Happens if You Don’t Make Your Student Loan Payments This Fall?

Key Points:

• Millions of student loan borrowers are set to resume payments following the end of the Covid-era moratorium.
• The Biden administration has taken steps to ease the transition to repayment.
• The Education Department has discharged billions of dollars in student loan debt.
• Not making student loan payments can have serious consequences, such as damaging credit scores and facing legal actions like wage garnishment.
• However, there are options available to help struggling borrowers, such as income-driven repayment plans and loan forgiveness programs.
• It is crucial to communicate with loan servicers and explore available resources to avoid defaulting on student loan debt.

Hot Take:

How does this apply to physical therapists?

Like many other professionals, physical therapists often face significant student loan debt after completing their education. Making timely and regular payments is crucial to maintaining good credit and financial stability. Physical therapists should explore options such as income-driven repayment plans, loan forgiveness programs, and communicating with loan servicers to ensure they can manage their student loan debt effectively and avoid default.

Reference Article https://www.studentloanplanner.com/what-happens-if-you-dont-make-your-student-loan-payments/