You Don’t Have To Pay Student Loans in 2020, But You Should Anyway
There's some good news for people with federal student loan debt.
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It was announced earlier today that the protections afforded under the federal CARES act regarding student loan debt will be extended through December 31, 2020, according to CNN.
That means you don't have to make payments right now, and interest will not accrue on your loan during this period of time.
"The zero interest is a win-win for borrowers no matter their financial situation," said Anna Helhoski, student loans expert at Nerdwallet.
However, if you can afford to, financial experts agree it's best to keep making those payments.
"If you already have a rainy day fund and have not accumulated any 'bad' debt (such as credit cards or personal loans), consider continuing your student loan payments even though they are not required," said Brian Walsh, manager of financial planning at SoFi.
Payments you make now will directly go toward the principal balance of your loan. This means when payments (and interest) resume, you won't have added additional time to your loan, and you'll have saved money on the interest charged to the (now) smaller balance.
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