Ryan Lane
FILE - In this June 20, 2019, file photo, a student works in the library at Virginia Commonwealth University in Richmond, Va. Talk of student loan forgiveness has borrowers looking forward to 2021. (AP Photo/Steve Helber, FIle)
Talk of student loan forgiveness has borrowers looking forward to 2021. But many already benefited from some unprecedented events in 2020: An administrative forbearance has paused most federal loan payments interest-free since March. The forbearance has also halted collections on defaulted loans. Interest rates fell to historic lows.
It’s unclear how long these breaks will last. If you’re in good financial shape, here’s how to take advantage of them while you can.
Take advantage of student loan breaks before 2020 ends gillettenewsrecord.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gillettenewsrecord.com Daily Mail and Mail on Sunday newspapers.
Associated Press Talk of student loan forgiveness has borrowers looking forward to 2021, but there s no guarantee that will happen. Previous Next
Sunday, December 20, 2020 1:00 am
Decision time for students
RYAN LANE | NerdWallet
Talk of student loan forgiveness has borrowers looking forward to 2021. But many already benefited from some unprecedented events in 2020:
• An administrative forbearance has paused most federal loan payments interest-free since March.
• The forbearance has also halted collections on defaulted loans.
• Interest rates fell to historic lows.
It s unclear how long these breaks will last. If you re in good financial shape, here s how to take advantage of them while you can.
An administrative forbearance has paused most federal loan payments interest-free since March. The forbearance has also halted collections on defaulted loans. Interest rates fell to historic lows.
It’s unclear how long these breaks will last. If you’re in good financial shape, here’s how to take advantage of them while you can.
MAKE A LUMP-SUM PAYMENT
The current student loan forbearance is scheduled to end Jan. 31. All borrowers should have a plan for repayment by that point.
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If you’ll be able to afford your pre-pandemic payment amount, consider putting extra money toward your loans now.
Student loan payments must first cover outstanding interest. But with those charges paused since March, a lump-sum payment would put a direct dent in what you owe.
ON THE MONEY: Take advantage of student loan breaks before 2020 ends delcotimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from delcotimes.com Daily Mail and Mail on Sunday newspapers.