After years of speculation, millions of student loan borrowers received some excellent news this week.
The payment freeze has been extended again until Dec. 31, 2022, too.
Bidens plan also includes a change that allows borrowers to protect more of their income from student loan payments.
No Interest Til Almost 2027?
What Should You Do if You Still Have Student Loan Debt?
Say goodbye to your student loans forever.
You could save money by consolidating or refinancing private loans though.
Before you consolidate or refinance federal loans, double-check youunderstand the potential impacts.
Or think about thedebt avalanche planwhere you start with your highest interest loan.
Anybudgeting methodcan be great but a zero-based budget is especially helpful for paying off debt.
Thezero-based budgetmodel allows you to prioritize your expenses.
You know what you have left over and give every dollar a job.
There areplenty of creative ideas out there from rideshare driver or bartender to transcriptionist or fitness instructor.
If you have a budget and you should!
you know the areas where you tend to spend or over spend the most.
Where can you cut back?
Is it fewer restaurant visits?
Cutting the gym membership and simply exercising outside?
Cutting back on streaming services?
Yes, federal student loan payments are paused until Dec. 31 but so is the interest.
This is a great time to make up ground and make payments anyway.
Even better, plan ahead and venture to make extra payments even if its just once a year.
Robert Bruce is a senior writer for The Penny Hoarder.