Tips to prepare for student loan payments to resume after pandemic pause wasn't extending
PITTSBURGH (KDKA) -- We are just 66 days away from student loan payments resuming for U.S. borrowers after the pandemic pause wasn't extended.
For many, while inflation is still high and the price for almost everything costing more, it could come as a shock to some having to budget those loan payments.
So we're here to help with some ways to prepare for when those payments restart.
First, look into income-driven repayment plans. It will look at how much you owe and balance a payment with your income.
Be sure to talk to an adviser.
Check and see if you qualify for a deferment, especially if you're in a short-term financial bind.
If you're looking for a way to save some money with your returning payments, sign up for automatic payments and the servicer will take a percentage off of your interest rate.
The Supreme Court is expected to make a ruling this week regarding President Biden's debt forgiveness program that was announced last August.
If the program is upheld, eligible borrowers could have up to $20,000 in student debt forgiven.