5 Steps to Take Today if Your Student Loans Were Forgiven

The federal government recently announced plans to eliminate $10,000 to $20,000 worth of federal student loans for millions of Americans. If this applies to you, that’s enough money to have a significant impact on your finances.

If your student loans were forgiven, here’s what to do to get further ahead now, and avoid staying stuck in the financial struggles of the last few years.

1. Get a Refund if You Paid Loans During the Pandemic

That’s right. If you kept paying your student loans despite all the pandemic pauses, and if you qualify for forgiveness, you can get that money back.

If forgiveness won’t wipe out all of your student loans, it’s your call whether you want to put your pandemic payments toward the principle of your remaining loans or cash out.

For now, the best guidance on how to get your payments refunded is to contact your loan servicer, according to a bulletin from the US Department of Education.

2. Add up to 300 Points to Your Credit Score

Your total debt is about to go down, and that’s the second most important factor in your credit score. If you haven’t been paying attention to your credit score, now’s a good time to check. After all, it’ll play an essential role in any big purchase you want to make — whether that’s a home or a car.

So if you’re looking to get your credit score back on track, try using a free website called Credit Sesame.

Within two minutes, you’ll get access to your credit score, any debt-carrying accounts and a handful of personalized tips to improve your score. You’ll even be able to spot any errors holding you back (one in five reports have one ).

James Cooper, of Atlanta, used Credit Sesame to raise his credit score nearly 300 points in six months.*** “They showed me the ins and outs — how to dot the I’s and cross the T’s,” he said.

Want to check for yourself? It’s free and only takes about 90 seconds to sign up.

3. Spend $1 to Own a Piece of Amazon, Google or…

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