Should I keep making loan payments?

Even after your student loan payments have been stopped for more than two years, you are still responsible for the unpaid balance. Also, after the moratorium is lifted, interest will start to accrue again.

Everything you can contribute to paying off your student loans can help you get out of debt and ultimately save you money.

Consider the moratorium on student loan payments as a prolonged 0% introductory APR credit card period.

With free financing, all of your payments go toward the principal, which reduces the amount of interest you'll have to pay after the moratorium is lifted.

25% of federal borrowers planned to resume payments in September regardless of any extensions, according to a report published in July and supported by the online banking provider Laurel Road and the market research firm HarrisX.

Whether or not continuing to make loan payments is the best course of action for you will depend on your unique financial situation. It is pointless to accrue more debt in an effort to pay off your student loans.

How much you can afford to put toward your student loans each month should be your main priority.

The Federal Student Aid Loan Simulator will help you determine how much you should pay each month based on your goals, salary, loan amount, and other factors.

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