You Can Get A Refund For Student Loan Payments Made During Lockdown!

I’ll tell you what I did

Photo by Christine Roy on Unsplash

Yes, you’re reading the title correctly. I read an article from CNBC confirming it! If you made at least one payment during the student loan pause, you can call your loan provider and ask for a refund.

Here’s How It Went For Me

After I read the article, I called my loan company, Great Lakes Borrower Services. I expected to be on the phone for hours, but the wait wasn’t long.

I asked the woman about how the refund worked. You’ll get your money back, which goes back to your debt. At first, I wasn’t going to take it. I was ready to say, “Never mind,” and move on with my life. But the lady explained why it was a good idea.

As long as I’m keeping my refund to my maximum forgiveness, I can still benefit from Biden’s loan forgiveness.

Let’s talk about it. If you had $23,000 in debt but paid $5,000 during the lockdown, you’d have $18,000 left. And since you made payments voluntarily since March 2020, you didn’t have to worry about interest.

If you had Pell Grants in college, asking for a refund would work for you. You could ask your loan company to refund you $2,000. Then, come October, you apply for forgiveness and get $20,000…