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Payment Suspension

All articles tagged with #payment suspension

finance2 years ago•2 min saved

"Important Updates on Resuming Student Loan Payments in October"

Federal student loan interest rates will resume in September, and payments will be due starting in October, according to the Department of Education. The student loan pause has been extended multiple times by the Biden administration since March 2020. President Biden has proposed forgiving up to $10,000 in federal student loan debt and up to $20,000 for those who received Pell Grants, a plan that is currently being challenged in court.

via Fox Business|

#biden-administration #education-department #federal-student-loans

personal-finance2 years ago•5 min saved

"Student Loan Payment Freeze Ending: Tips for Preparation and Action"

The three-year pause on student loan payments will end this summer, regardless of the Supreme Court's decision on the White House plan to forgive billions of dollars in student loan debt. Borrowers are advised to prepare for payments to restart by using loan-simulator tools to find a payment plan that best fits their needs. Income-driven repayment plans are available for borrowers who need affordable monthly payments based on their income and family size. Borrowers who can't pay may qualify for deferment or forbearance, but interest still accrues during these periods. Payment plans are always available, and borrowers are encouraged to speak with a mentor or financial advisor to educate themselves about their options.

via PBS NewsHour|

#debt-repayment #financial-planning #income-driven-repayment-plan