LANSING, Mich. — The state of Michigan is offering resources as student loan payments resume this month.
This webpage includes assistance, tips and other tools to help borrowers pay back their student loans, according to the Michigan Department of Insurance and Financial Services (DIFS).
“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,” says 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.”
DIFS offers the following tips to help borrowers prepare for resumed payments:
- Review your monthly budget and ensure it accounts for student loan payments. If money is tight, apply for an income-based payment plan to reduce your monthly payments.
- Make sure your contact information is up-to-date on your loan provider’s website and on StudentAid.gov.
- Check your mailbox for billing statements or other related documentation. They will be sent 21 days before the payment's due date.
- Be on the lookout for scams targeting student loan borrowers; do not give out personal information to anyone who reaches out to you. Do not pay an unauthorized company to assist with loan repayments; loan providers should offer help free of charge.
Visit the state’s Student Loan Restart page or StudentAid.gov for help and other information.
