As the three-year freeze on federal student loan payments due to the COVID-19 pandemic lifts, payments and interest will recommence starting September 1.
Experts say borrowers to assess their budgets now in preparation for the October payment restart.
For those challenged by the upcoming payment obligations, Reagan points to the recently introduced Save Plan by President Joe Biden.
This initiative aims to halt interest accumulation on student loans, provided consistent payments are made. With potential savings up to $1,000 a month, it’s an option that might benefit many. Reagan emphasizes the importance of discussing eligibility and other available options with loan providers to potentially mitigate financial strain.
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