With student loan payments restarting and prices for household goods now higher than ever, many people are wondering how they’ll fit these payments in. In this article, learn tips for paying off student loan debt, how to establish a budget, and where to turn for additional help.
If you are one of the 44 million Americans who have federal student loans, you may be wondering how to deal with upcoming loan repayments. Since March 2020, the federal government had paused interest and payments on most student loans. But the relief ended on September 30, 2023.
Here are three steps you can take to plan ahead and manage your debt:
Remember, the restart of student loan repayments is not something to be afraid of. Instead, it’s an opportunity to take control of your debt and achieve your financial goals. By following these steps, you can prepare yourself for the change and make smart decisions about your loans.
One last tip: Be alert to potential scams. Some scammers may try to take advantage of borrowers who are confused or worried about the restart of their loan repayments. They may offer help in exchange for a fee or ask for your personal or financial information. Do not fall for these scams, and never pay anyone to manage your loans.
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