Finance experts share tips for federal student loan borrowers

TOPEKA, Kan. (WIBW) – With student loan repayments back on the table financial experts say it’s time to start learning your options.

“A lot of people are disappointed that after a 3-year hiatus the loan payments are going to be picked back up on 28 billion borrowers for their student loans and for a lot of these people they thought the debt was just going to go away. It was a major platform for the Biden administration and it got this close to happening before the Supreme Court said that Biden didn’t have the authority to do so,” says Personal Finance Expert, Bill Dendy.

Some borrowers have a 12-month grace period starting in October.

Experts say you can and should still make those payments, if possible.

“Some people are going to find that they don’t have to pick up their payments because they qualify for the save program they can continue to defer their payments. Others who make more money that’s great and we have the ability to pay it well let’s see if we can drive the interest rates lower by doing the online payment programs,” says Dendy.

You should also research different payment plans and options you may qualify for.

“The nice thing is we have always had programs which would allow those that go into public service to have their debt erased after 10 years. well, the 3 years we’ve already been in deferment plus any time you might spend in the safe programs count towards those 10 years so some people are going to have an ability to still defer making these payments,” says Dendy.

Even if you are not in debt now experts say you could still be affected in the future.

“Overall student loan debt is at $1.7 trillion. There are economists saying we have so much debt outstanding and people who are concerned that they can’t pay the debt and this may lead us into that recession. So we should care even if we don’t have the debt about what those around us are suffering,” says Dendy.

For more tips on paying student loan debt click here.

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