People also ask
Should you continue to make student loan payments?
Whether continuing to make loan payments is the right decision for you will depend on your personal financial situation and whether or not you’re working toward loan forgiveness. The big question you need to answer: How much can I afford to put toward my student loans each month?
How much student loan debt does the average American have?
According to Federal Student Aid Data, borrowers have an average of $37,014 in student loan debt, and 2.1 million borrowers owe more than $100,000 as of the first quarter of 2022.
What happens to your student loan interest after August 31?
Throughout the pandemic, most federal student loan borrowers have been spared from interest accumulation thanks to the pause on payments that also froze interest. But this pandemic-related relief is set to expire after August 31.
What does a 鈥榝resh start鈥?mean for student loan borrowers?
The Education Department said these borrowers will be granted a 鈥濃€榝resh start鈥?on repayment by eliminating the impact of delinquency and default and allowing them to reenter repayment in good standing.鈥?(Delinquent borrowers haven鈥檛 made a payment in up to 90 days, and defaulted borrowers a year or more.)