MISSOULA, Mont. – Talking with student loan experts, borrower worries remain high as they always anticipate when payments will eventually start again.
This time, President Biden announced that the suspension will continue until May 1.
Allow borrower balances to be frozen with no payments required in most federal student loans, but that doesn’t mean the challenge of paying them off is gone.
“Student loan borrowers are absolutely frustrated, they feel like they paid for this degree and they borrowed money for this degree and it didn’t necessarily come up with the annual income they expected. Fortunately, federal student loans come with a lot of repayment protections, apart from those protections during a pandemic, ”said one student loan expert.
Many students are wondering what you can do if you just can’t afford the pre-COVID installments in the spring?
- Talk to certified student loan counselors working nationwide, including Montana
- Keep in mind that every policy differs from the loan company you borrowed from. Advisors recommend planning ahead and making the necessary adjustments as soon as possible.
- Work directly with your federal loan companies and find a plan that’s right for you before those repayments resume.
“Once you have that answer you can go back to your federal loan manager with perhaps a little more confidence and say yes that’s what I would like either a forbearance deferral or a repayment based plan. on income and it makes you feel really good about the choice you make to manage your debt, ”said a student loans expert.