2020 has presented several opportunities for building wealth and lessoning certain financial burdens. As an attempt to curb the effects of the pandemic, many companies have allowed customers to delay payments and even waive interest owed. The federal government has passed a mandate for student loan to have a temporary 0% interest rate and administrative forbearance.
If you have student loans, now is the time to see where you stand. Pre-pandemic, you would never want to skip payments or just ignore paying what you owe towards student loans. If you are no longer a student, confirm your options for repayment and take advantage of the current mandate and INTEREST-FREE PAYMENTS. Check to see how much time you have left to pay on your student loans before the interest is back in play.
~ Yes, I know. The next administration may help forgive a portion of your student loans, but we don’t know yet when that will be…if it will be. Hopefully it will happen, but we may regret this interest-free situation we have going on here! ~
:) :) :)
My goal is to always save money. Right NOW, paying more towards your student loans will help you save more for the future. There is no need to keep having majority of your payments go towards interest. Let’s work on that principle!
For more information regarding student loan interest rates visit: Federal Interest Rates and Fees | Federal Student Aid
Happy Saving!