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News & Views of Phillips Since 1976
Friday March 29th 2024

Posts Tagged ‘student loans’

Should You Make Student Loan Payments During Forbearance?

By NADINE GALLLutheran Social Service MN Great news for folks with federal student loans! The relief from loan payments due to the pandemic ”” also known as a forbearance ”” has been extended through September 30, 2021. This means that no payments will be due and no interest will accrue for federal loans during this time. For those who are unable to afford their payments, this is wonderful news. It”™s also great news for anyone still able to make student loan payments. Why Make Student Loan Payments if No Payments Are Due? To pay it off faster. Without interest accruing, 100% of your payment goes toward the principal loan balance, instead of part of it going toward interest.  If you want to pay down your loan even faster, consider making slightly higher payments right now. To bring your loans current. If your loans were past due before the forbearance period, they”™re still reporting past due. Bringing your loans current will [...]

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