With these relief options, many student loan borrowers have been given a unique opportunity to get ahead. If you have the ability to continue paying your student loans, by all means do so and take advantage of lowering your student loan debt without interest. Pay down as much as you can before the relief ends and you have to start paying the interest again so that way you pay less interest in the long run.
Another option to consider is re-directing the payments you’ve been making on your student loans to paying down other high-interest debt such as credit cards. A rule of thumb when paying down debt is to tackle the highest interest debt first. The Student Loan Relief gives you a chance to knock down some of that high-interest debt before having to start back up on your student loan payments.
Just remember, the Student Loan Relief will eventually end and if you still find yourself in a position of trouble making your payments you might want to consider other repayment plan options such as an income-based repayment plan or extended repayment plan. Reach out to us at Thorley Wealth Management to discuss your options.