After a three-year hiatus, student loan payments once again became due on October 1.
Approximately 44 million Americans face the resumption of student loan repayments after a 3.5-year pause, potentially straining household finances, putting a dent in holiday sales and dampening the U.S. economy.
“Then you’ve maintained the habit of making the payment, but earning a little bit of interest as well,” she said. “There’s no reason to send that money to the student loans until the last minute of the 0% interest rate.” Gonzales recommends that anyone with student loans speak with a mentor or financial advisor to educate themselves about their options, as well as making sure they’re in an income-driven repayment plan.
Gonzales’s mother works in retail and her father for the airport, she said, and both encouraged her to pursue higher education. For her part, Gonzales now tries to inform others with student loans about what they’re taking on and what their choices are.Student loan payment plans are always available. Even so, some advocates encourage borrowers to wait for now, since there’s no financial penalty for nonpayment during the pause on payments and interest accrual.
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