If you are still paying off a student loan or are thinking about taking one out, now is the time to conduct a checkup.
For many amid the pandemic, it may be a good time to shift some of the money used to pay student loans to other debts. Congress' CARES Act does two key things for government-owned student loans: it eliminates monthly payments and drops the interest rate to 0%, both until the end of September. However, Financial Aid expert Mark Kantrowitz says there are limitations.
The payment pause and interest waver was a little bit too narrow in that it excluded the other types of federal loans and also excluded private student loans. So, borrowers with those loans may still be struggling,” Kantrowitz said.
Kantrowitz still suggests paying off some student loan debt during this relief period if you can. He publishes related articles on Savingforcollege.com.