Interest on federal student loans has started accumulating again after a three-year pause because of the COVID-19 pandemic, but borrowers still have at least another month before they'll need to start paying back loans, the Associated Press reported. The first step for borrowers is to log in to their StudentAid.gov account and check who their loan servicer is. Many loan servicers changed during the pandemic, so borrowers might have a different one than they did back in March 2020. Once the loan servicer is found, borrowers should log into their account with them to access the student loan balance, monthly payment amount and interest rate. Betsy Mayotte, president of The Institute of Student Loan Advisors, recommends updating your personal information in your account with your loan servicer to make sure you receive all important correspondence. Interest rates have risen significantly since the pandemic, but most borrowers with federal student loans will still have the same interest rate as before the payment pause.
