What You Need To Know About Your Federal Loans

The summer is winding down and we are all thinking about back-to-school shopping and the regular routine of the school year. Here in New York State, Governor Hochul announced that there will be no restrictions and regulations for schools regarding COVID-19. No masks, no quarantine and no testing! But will the good news stop there this fall?

One of the platforms that President Joe Biden ran on during his campaign was to eliminate the burden of student debt for Americans. There are some who are buried under thousands of dollars in loans after graduation and President Biden has made it clear he wants to help. But how far will he go? So far, with the help of a global pandemic, students who have federal loans have had their loan payments pushed back. As we approach the end of August, President Biden is rumored to extend that and, perhaps, cancel debt up to $10,000 for some based on their annual income.

Inflation has forced prices to rise for just about everything. From gas for our cars to the food we eat, prices have gotten pretty high for all the things we need. Any relief is welcomed and it may be coming for those with outstanding student loans.

After I graduated college in 1999, I started paying my loans back. After some strategic planning and sacrificing a few things, 15 years later I was student loan free. It is an amazing feeling and once you don't have that financial weight in your shoulders, it really feels like it was all worth it. But, at the time, I had the benefit of not having a family to provide for and a job in the field that I love. Not everyone has that benefit and I can completely understand the need for some sort of debt relief.