Student Loan Payment Deferment Extended To January 31, 2022
When the COVID-19 pandemic spread globally and caused the United States to temporarily shut down in the early months of 2020, the Trump administration implemented a temporary break in repayments of federal student loans.
Though the Trump administration first instilled this pause, President Joe Biden agreed to continue it to help the economy recover faster. President Biden originally agreed to pause federal student loan repayments until October 1, 2021. However, President Joe Biden’s administration has now decided to postpone federal student loan payments, interest, and collections until January 31, 2022.
Once it becomes time to start repaying student loans, it is crucial to be able to do so without compromising your financial situation. One possible solution is refinancing your student loans once the pause has ended, as it allows you to pay off your student loans without affecting your financial position.
What are some other ways that you can repay your student loans without negatively affecting your financial situation? Let us know in the comment section below.