Have student loan debt? These are your next three steps

BOSTON — Before the Supreme Court ruled it unconstitutional Friday, Brandeis grad Schwartz said President Biden’s student loan forgiveness plan would have eliminated about a sixth of his debt.

“It was very disappointing,” Schwartz said. “Thankfully I’m among those individuals who has the income to pay for it, but there are others who certainly don’t have the luxury of doing so.”

Schwartz is one of about 902,000 Massachusetts residents who owe a combined $30.8 billion in student loan debt, according to the Education Data Initiative.

“We’re already starting to help borrowers digest this and how to move forward,” said Betsy Mayotte, founder and president of The Institute of Student Loan Advisors in Plymouth.

Student loan debt will begin accruing interest again Sept. 1, with the first payments expected in October, Mayotte said.

Mayotte said there are three steps borrowers need to take in the coming weeks.


Mayotte said you need to know where your loans are. During the COVID pause, Mayotte said 17 million borrower accounts changed servicers. Go to the Dept. of Education’s website, StudentAid.gov to find out where you debt is.


One you know your loan servicer, make sure they have all of your up-to-date contact information.

“Start opening all the things: snail mail, email, take the call from servicer because you don’t want to miss any important deadlines that might be coming up,” Mayotte said.


Mayotte said you need to find out what your payment is going to be and if you can afford it.

“Take a look at what that student loan is going to be. If it’s not affordable, start looking into the existing lower payment options and possibly apply for one that’s going to best meet your financial goals and budget,” Mayotte said.

If you need help, TISLA has a FAQ, repayment plan section and repayment calculator on its website.

This is a developing story. Check back for updates as more information becomes available.

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