Get ready to tackle your federal student loan payments: The conclusion of the moratorium means it's time to start repaying and managing your loans.
Americans owe upwards of $1.7 trillion in student loan debt. But if you are a federal student loan borrower, you’ve probably been enjoying the break you’ve gotten on your federal student loan payments. But the student loan pause ends soon. Here’s what you need to know.
Impact of the COVID-19 pandemic on student loans, and the current status of student loan repayment Early in the COVID-19 pandemic, the federal government paused federal student loan payments and dropped all interest rates to 0%. This meant that borrowers got a break on paying student loans. Predictions on when student loan repayments may resume “The President had the authority to extend the pause because we were in a national emergency,” Betsy Mayotte, president and founder of the Institute of Student Loan Advisors, a nonprofit organization offering free student loan advice, told MarketWatch Picks. “Part of the debt ceiling agreement is that he wasn’t going to extend the pause anymore. It’s hard to say the economy is improving and that people can’t afford to pay their loans.
Options for borrowers during the suspension period Even though payments don’t resume until October, there are things pros say you should be doing now.
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