What no student loan payments until 2021 means for you

National/World

Student loan borrowers with federal debt won’t see a bill until January 2021. That means three extra months of paused payments tacked onto the original six months made possible by the coronavirus relief package.

But the extension doesn’t mean all of the original student loan borrower provisions carry over. How, and if, you benefit depends on your situation.

For those who do get a breather, it’s a good time to prepare for when bills restart in January.

If you’re facing financial hardship, that means extra time to enroll in an income-driven repayment plan to lower your payments to an affordable amount.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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