(KWWL) – It was a good break, but federal student loan payments will resume again from October 1st.
The Ministry of Education suspended payments due to the pandemic for student borrowers back in March 2020 to provide financial assistance for the next 19 months.
The balances have been virtually frozen since March last year, and no payments on federal loans were required.
During the suspension period, no interest was charged either.
During the suspension, the average borrower saved about $ 2,000 in the first 12 months.
The pause in payments and exemption from interest only affected federal loans.
So get ready to start making these chunks of payments again, and if you need some strategy on how to pay off your student loans quickly, NErd Wallet writer, Ryan Lane, the following article provides some simple tips for borrowers:
Ryan Lane, author of NerdWallet, covering small business and student loans.