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Do you have federal student loans?

• In March 2020, the federal government suspended all loan payments and set interest rates to 0% on federal student loans.
• This federal student loan forbearance ends on MAY 1, 2022.

What do I need to do now to get ready to resume payments on my student loans?

• Update your contact information on both your loan servicer’s website and on your StudentAid.gov profile.
• Check to see if the repayment plan you were enrolled in prior to federal student loan forbearance still meets your needs.
  • If you were previously enrolled in autopay, you may need to re-enroll.
• If you are enrolled in an income-driven repayment (IDR) plan and you have had any change in financial or family situation since March of 2020, visit StudentAid.gov to request a recalculation of your payment.
  • StudentAid.gov has a new Loan Simulator tool help you figure out what payment plan is best for you!  
• Your loan servicer is required to give you a 21-Day advance payment of when your first payment is due – including principal and interest.

What if I graduated law school after March 2020 and have not yet made a payment on my student loans?

• When you graduate or leave school, you typically have a six-month grace period before you are required to start making payments.
• You should have been assigned a student loan servicer and automatically enrolled in a standard repayment plan.
• If you are not sure who your servicer is or want to change your repayment plan, you can do so via your StudentAid.gov account.

What if I am working towards Public Service Loan Forgiveness (PSLF)?

• PSLF is a federal program that forgives student loan debt for borrowers who work full-time for a government or non-profit and have made 120 qualifying payments on their student loans.
• The Department of Education recently enacted new rules for the PSLF program.
  • Student loan borrowers have until October 22, 2022 to apply for credit for past payments on loans that would not otherwise qualify for PSLF.
  • There are two requirements for eligibility for the limited waiver: 1) you must have worked full-time for a qualifying employer while you made the payments and 2) your loans must be consolidated into the Direct Loan program.
  • Learn more at https://studentaid.gov/announcements-events/pslf-limited-waiver.

Questions or Concerns About Your Federal Student Loans?

• The Department of Education has a Federal Student Aid Ombudsman Group available to provide technical assistance for concerns with student loans. Contact the Ombudsman at 1-877-557-2575.
• For more on budgeting and managing your student loan repayment, visit the NM Young Lawyers Division’s Student Loan Debt Resource Page at https://tinyurl.com/fakm55kk.