October 10, 2020

Student Loans Are Paused—Here’s Why You Should Make Extra Payments

Student Loans Are Paused—Here’s Why You Should Make Extra Payments


Student loans are temporarily paused. Should you make extra student loan payments?

Here’s what you need to know.

Student Loans

Federal student loan payments have been paused this year through a mixture of congressional and presidential action. Congress—through the Cares Act, the $2.2 trillion stimulus package—and President Donald Trump—through executive action—paused federal student loan payments, set interest rates to 0% and halted student loan debt collection. While these measures are temporary, Trump extended this student loan relief through December 31.

Given this student loan relief, you may be asking: “Should I pay off my student loans early?”




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