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Student loan: Be sure to utilize the payment pause

Millions of Americans in the U.S. have thousands of dollars in student loan debt. When the pandemic began, a payment pause was put into place.

student loan sticker banding money together

The payment pause first started in March of 2020 at the beginning of the pandemic.

Most recently it was extended until May 1, 2022.

President Biden said it was to help student loan borrowers feeling the financial impact of the pandemic.

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When are loans forgiven with income based repayment plans?

More about the student loan payment pause

Until the payment pause ends, loans are not collecting interest and garnished wages are also paused.

Be sure to pay attention to your balance before the repayment begins.

People with defaulted loans have had enforcements against them temporarily suspended.

You’re protected from overdue payments until May.

Student Loan: Nurses and loan forgiveness

There are loans not included in the pause:

  • Federal Family Education Loans
  • Private loans

You should refinance, find a lower rate, and continue to make your payments.

If you’re looking to get into a forgiveness program or income driven payment plan then you should continue to make payments.

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