Advice: The Supreme Court rejected Biden’s student loan forgiveness plan, which would have freed certain borrowers from $10,000 to $20,000 of education debt. Here’s what is recommended once the pandemic-related pause for federal loans ends this fall.
over three years — since March 2020 — millions of education loan borrowers have not had to make“Congress recently passed a law preventing further extensions of the payment pause,” the Education Department said in a statement.due starting Oct. 1.
I have worked with a lot of folks who have student loans. Some have struggled to make payments because of low wages, illnesses or family obligations, such as caring for aging parents.That initial six-month grace period on their federally backed loans got them used to not paying on the debt. Then they got more time, and the
“Although it is common to focus only on those with outstanding debt, many people who borrowed for their education had repaid their loans completely,” the Fed said. “Excluding these people who have paid off their debt could overstate difficulties with repayment.”But if you need to go the deferment or forbearance route come October — because of, say, a job loss or extended illness — at least determine if you can afford to pay the interest that is due.
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