For many, student loan debt hovers over them like the sword of Damocles — ready to come crashing down on their lives and, in some cases, livelihood. The choice is stark: Paying rent or paying your student loan bill. Even income-based repayment programs are completely unrealistic, quite often leaving people with $200 for two weeks.
That’s why borrowers and their families are celebrating that student loan payments are now paused until January 31, 2022.
This extra pause is a true blessing for many who still don’t have their feet on the ground — especially those who have had to choose between defaulting and paying rent.
According to the Coronavirus Forbearance website, scams are already taking root around the moratorium:
“Don’t accept unexpected offers of financial aid or help (such as a ‘pandemic grant’ or ‘Biden loan forgiveness’) without checking with your school to see if the offer is legit.”
Take the government’s warning seriously: A cursory search yielded results from hundreds of private companies, each putting their own marketing spin on the payment moratorium.
Having to pay one less bill can provide a setting to catch up on other bills and stock up on necessities for the future. This initiative can remove a huge worry in people’s minds. It is important to take advantage of these events so you can continue to thrive to achieve phenomenal financial health for you and your future. We can help you with that, if you need it, reach out to us.