3 ways to pay down federal student loans that are in forbearance due to the coronavirus - Business Insider

This means you don't have to make monthly federal student loan payments through September 30, 2020. Interest isn't accruing during this time, and servicers aren't reporting missed payments to credit bureaus.

"There are some people who have no problem continuing to pay, and they don't want to have to deal with reminding themselves coming September 30 to start paying again and get it back onto autopay," says Klein. Continuing to make regularly scheduled payments could also help you pay down your balance more quickly.

The government has already paused all eligible student loans. If you want to keep paying down your debt during this time, contact your student loan servicer to set up payments. "Instead of giving that money to the federal government, put it in a high-yield savings account," Klein suggests., you can earn interest on your savings. Many high-yield savings accounts offer well over 1% APY, which is compounded daily and paid monthly.

If you're strapped for cash, you could use the money you'd normally put toward student loans to pay your bills and cover necessary expenses. Or you could"If somebody has high-interest debt somewhere else on their personal balance sheet ... This would be a great time to take advantage of the federal relief where you don't have to put that money towards your student loan," says Klein.

You should never make another student loan payment again.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

13 ways to maintain your car while coronavirus lockdowns keep it parked - Business InsiderBy following some key steps, you can keep your car in good running condition while it sits around — both during the coronavirus lockdowns and after.
Source: BusinessInsider - 🏆 729. / 51 Read more »

BVAccel cuts 25% of employees due to coronavirus' impact on DTC brands - Business InsiderThe agency, whose customers include Chubbies, Rebecca Minkoff, Kylie Cosmetics, said some clients have seen a 70% to 80% drop in sales.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Steps US banks are taking to confront the coronavirus pandemic - Business InsiderBusiness Insider Intelligence has created a matrix that gives a rundown of coronavirus response efforts among the top 10 US retail banks by assets. BIIntelligence Banks are just ongoing criminal organizations!!
Source: BusinessInsider - 🏆 729. / 51 Read more »