This marks the seventh time that the freeze on student loan payments has been extended after initially being put in place by President Donald Trump in 2020.
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If you have no emergency savings, it may be worth setting aside what you're not paying to a student loan servicer so you have a cushion going forward, said certified financial planner Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida.Financial experts typically recommend having at least three to six months' worth of income set aside in case of a job loss or other unexpected expense.
If you already have emergency savings, look at your 401 plan to be sure you're contributing enough to get the employer's matching contributions, McClanahan said. You also should look at any debt with a high interest rate — like credit cards. The average rate on that plastic is currently"If they have high-interest debt, use this time to get that debt down," McClanahan said.More than 40 million Americans are in debt for their education, owing a cumulative $1.7 trillion.
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