Because federal student loans will have been paused for 22 months when payments restart after January 31, 2022, student loan servicers are requiring a reconfirmation of your direct debit election for direct debits to resume. I suspect many won't pick up on this critical change especially because moves, lost mail, the lack of a payment for many months, or whatnot.
If you fail to reconfirm, no payment will be withdrawn, and there is a risk if you don't get the bill to pay it, you'll miss the payment. Also, if you have an interest rate reduction from using direct debit, you'll lose the reduction while it's not active.
Also, besides the above, make sure to check your banking details and update it for any changes.
Submitted November 20, 2021 at 12:19AM by testingthewaters5678 https://ift.tt/30PC23T
