NJ residents with student loans can take a deep breath
Residents of NJ currently still struggling with the weight of student debt can breathe for the next few months.
It was announced this week that the Biden administration has officially extended the suspension of payments for federal student loans. 6abc.com reports that anyone with money directly owed to a government entity to cover their student loans will not have to start repaying them until September.
As you can very well imagine, this is great news for the people who have lost so much to the pandemic. This is exactly why Biden has agreed to go ahead with the expansion. So many people are still out of work due to COVID-19 wreaking havoc on the economy, so quite frankly you can’t really expect them to choose between paying off those student loans and putting in food. on the table for their families.
Even with the extra help from unemployment, some have student loans that would wipe out a week’s pay altogether. While the vaccine may be the first glimmer of light in what is still a very long tunnel, we as a state and nation are still not out of the woods. Finances are still tough, so this announcement has undoubtedly taken a tremendous amount of stress off the shoulders of many.
Those fortunate enough to still have a job can use this forbearance period to either accumulate savings that would otherwise go into their student loans or continue paying their monthly principal without having to pay interest. So ultimately, if you look at it from the right angle, this extension is a blessing for anyone who is still currently limited by federal student loans.
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