Student loan payment freeze ending: What borrowers need to know

MILWAUKEE - The freeze on student loan payments is coming to an end soon, so what does that mean for borrowers, and how can they prepare?

When making the decision to go to college.

"Paying for classes, paying for tuition, and then even paying for housing," said Natalie Dibert, a junior UWM student.

Things start to add up.

"A lot goes into the price for schools, and taking out loans is definitely a way to pay for it," said Dibert.

Student loan payments will be in the mix for Dibert and millions of others.

"For the most part, it's been a non-concern for a lot of students right now," said Casey Roeder, the interim director of the UWM Student Financial Services. "Primarily because nothing is due and nothing is growing."

After three years, the pandemic-era freeze on student loan payments is coming to an end.

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"Interest will start accruing, as they said, September 1st, and beginning in October, payments will be due," said Roeder.

Not only students but people in general who borrowed may not know what to do when those important dates come up.

"I know there's a lot of intimidation in just seeing the number of what you still owe," Roeder said.

Roeder advises borrowers to take this first step.

"If you have no idea where to start, studentaid.gov is where to start," said Roeder.

Roeder said every borrower automatically has an account.

"Students can see who their loan lender is, who they're making payments to, who to contact," said Roeder.

Roeder said the key is making sure your contact info is up-to-date.

"The Department of Ed has already started sending a lot of emails," said Roeder. "Making sure their email address is correct, and their mailing address is correct, so they are not missing that important information."

Roeder said lenders should give notice about upcoming payments 21 days before they are due.