loan forgiveness student loans

Student loan payments are deferred again — take these financial steps in the meantime

The student loan moratorium was extended until August. Here’s how you can plan for repayment.

Student loan borrowers have a bit longer to put off repayment as President Biden on Wednesday pushed back the federal student loan moratorium until Aug. 31

This extension means over 43 million Americans can put off repaying their federal student loans even longer without accruing any additional interest.

This was surprising to some as the United States continues to ease pandemic-related restrictions along with many Americans returning to work.

But for those grappling with the economic repercussions of the pandemic as well as record-high inflation, it gives a bit of breathing room for the moment.

But with less than 150 days until the next deadline, consumers shouldn’t get too comfortable as payments will eventually resume.

Select details what steps consumers should take amid the extension, and how consumers should prepare to eventually repay their debts in the meantime.

The extensions in the student loan moratorium have been quite helpful for the 43 million Americans who owe the federal government a collective $1.6 trillion.