What to know about the student loan relief program that was extended through

What to know about the student loan relief program that was extended through

With federal loans, the interest rate is fixed and stays the same for the life of the loan

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When the government announced that they were extending the student loan forbearance period through , many people breathed a sigh of relief. According to Hanneh Bareham, student loans reporter at Bankrate, “This was originally instated with the CARES (Coronavirus Aid Relief and Economic Security) Act in as a way to help alleviate some of the economic impact of the COVID-19 pandemic.” Bareham says, “This has allowed federal student loan borrowers to suspend their principal payments as well as their interest payments. And it has also halted collections activity on defaulted federal loans.”

With three more months to take advantage of this student loan relief option, you may have questions. Is it really a good idea to stop making payments? Should you stop making payments on every student loan? Will the student loan forbearance period be extended again?

As anyone who has student loans knows, it's not as straightforward and clear-cut as one might hope. Continue reading "What to know about the student loan relief program that was extended through"