MISSOULA, Mont. – When speaking to student loan experts, borrowers remain concerned as they still anticipate when payments will eventually resume.
This time, President Biden announced that the lockdown will now last until May 1st.
However, allowing borrowers to freeze their balances without requiring payments on most federal student loans doesn’t mean the challenge of paying them back is gone.
“Student loan borrowers are absolutely frustrated, they feel like they paid for that degree and borrowed money for that degree, and it’s not necessarily the annual income they expected. Fortunately, federal student loans come with a lot of repayment guarantees regardless of these pandemic protections, ”said a student loan expert.
Many students wonder what to do if you just can’t afford the early COVID-19 installment payments?
- Talk to a certified student loan advisor who works across the country, including Montana
- Keep in mind that each policy will differ from the credit company you borrowed from. Consultants recommend planning ahead and making any necessary adjustments sooner rather than later.
- Work directly with your federal loan company and find a plan that works for you before these repayments resume.
“Once you have that answer, maybe with a little more confidence, you can go back to your federal loan officer and say, yes, that’s what I want, either a forbearance deferral or an income-based repayment plan, and that makes you feel really good. ” the decision you make to manage your debt, “said the student loan expert.