Student loan relief extended until September 30

If you’re juggling federal student debt and other bills, you’re about to take another pandemic-related break.

Those who lost jobs during the pandemic and now must decide whether to pay off student debt or buy groceries may delay federal student loan repayments until September 30.

The temporary break for federal student loan payments was set for Jan. 31 for more than 42 million borrowers.

The move means that the interest rate on many federal student loan payments remains at 0% for another eight months. (But remember millions of private student loan payments and some federal student loans were not covered by this deal.)

It’s time to breathe and pay off some more debt

“It really gives people the opportunity to get their financial lives in order,” said Kristen Holt, CEO of GreenPath Financial Wellness, a Farmington Hills-based nonprofit that offers a variety of services across the country, Let us help you including a debt management program and financial counseling on student loans.

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