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

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Come October, you'll have to keep making federal student loan payments. So should you pay now or later?

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.

 

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You should never make another student loan payment again.

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