Action Items: How to Support Borrowers with the End of the Student Loan Repayment Pause
Alongside President Biden’s announcement of up to $20K in student loan forgiveness, he also announced the end of the student loan repayment pause. After many delays and pushbacks, the payment pause will officially end on December 31st, 2022. For the ~30M borrowers who will still have student loans, payments will restart in January 2023.
During the past three years of the repayment pause, many borrowers’ loans have experienced changes such as servicer migrations, getting unenrolled from auto-debit, and loans getting disconnected from apps or services. It’s very common for borrowers to be unaware of these changes, so we put together a list of action items that we recommend all borrowers take in order to prepare for the end of the repayment pause.
Using Spinwheel’s Debt Management APIs and drop-in modules, you can easily support your borrowers through all of these changes by embedding these capabilities directly into your app or service. We can help you get up and running before the end of the repayment pause. Please reach out if you’d like to discuss how we can help you and your borrowers.