Payments on federal student loans are due now. Here's how to get local help in and around Philadelphia.
Federal student loan payments start back up in October after a three-year pause due to the economic impact of COVID-19. Experts say that some repayment options are better now than before the pandemic.Don’t feel alone in the stress of student loans. At least 40 million other people are going through the pains of payments starting back up.
According to experts, you can even combine this program with Public Service Loan Forgiveness — if you work for the government or a non-profit — for lower payments and debt forgiveness after 10 years. “Interest rates are pretty high right now as compared to what they used to be. I would not suggest consolidating if you’re paying low interest,” said Young. “But, if you are delinquent or in collections for your loans, consolidation might be a really good option to immediately pull those out of default. There could be also situations where consolidation would be negative.
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