Student Loans

MISSOULA, Mont. - Speaking with student loan experts, concerns from borrowers remain high as they're still anticipating when the time comes for payments to eventually start up again.

This time President Biden announced the hold will now go on through May 1.

Allowing the balances of borrowers to be frozen, with no payments required in most federal student loans, but this doesn't mean the challenge to pay those back has gone away.

"Student loan borrowers are absolutely frustrated, they feel like they paid for this degree and they borrowed money for this degree and it hasn't necessarily went to the annual income they expected. Fortunately, federal student loans do come with a lot of repayment protections regardless of these pandemic era protections,” said one student loan expert.

Many students are wondering what can you do if you simply can't afford the pre-COVID installment payments come the spring?

  1. Speak with a certified student loan counselors working around the country, including Montana
  2. Keep in mind, every policy will vary from the loan company from which you borrowed from. Counselors do recommend planning ahead and making any necessary adjustments sooner rather than later.
  3. Work directly with your federal loan companies and find a plan that works for you before those repayments resume.

"Once you do have that answer you can go back to your federal loan servicer with perhaps a little more confidence and say yes this is what I would like either a deferment of forbearance or income-driven repayment plan and that makes you feel really good about the choice you're making to manage your debt," said student loan expert.

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