How to prepare for the end of federal student loan relief
Thanks to the CARES Act and subsequent executive orders, student loan payments have been suspended and interest rates set at 0% — plus there has been a moratorium on collections and wage garnishment for borrowers who had defaulted on some types of federally held student loans.
End dates are approaching
The relief was originally set to end on Sept. 30, 2020, but was extended first to the end of last year, then to Jan. 31, 2021, and finally by President Biden to Sept. 30, 2021.
Still up in the air..
Until President Biden announces his plans for student debt, advocates will continue to press for action and pundits will debate the issue.
Keep Up With the News
Paying attention to breaking news about federal student loan can help you assess next steps and make a plan.
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Assess Your Options
Consider Restarting Automatic Payments Early
Some borrowers in a position to resume student loan payments have already done so, or continued to make monthly payments even though it was not required. This move allowed them to take advantage of 0% interest and likely paid down the principal on their student loan.
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