The White House has confirmed that a “decision” on student loan forgiveness will be made before the current payment freeze expires on Aug. 31.
You might want to hold off on making payments while a freeze is still in place, at least until a decision is made on blanket student loan forgiveness, which, according to the Biden administration, will happen before Aug. 31.
That way, you'd avoid making payments on debt that could be canceled later, whatever the chances of that may be. "If you believe that student loans will be forgiven, then put [those] payments into a high-yield savings account," says Jay Zigmont, a certified financial planner and founder of the financial planning firm Live, Learn, Plan.
By using a savings account, you can still put aside regular payments, as though you were paying off the loan. If forgiveness doesn't happen, you could use those savings to make a lump sum payment against that debt later on. "The key is to have a plan for your loan that is more than a hope that the government acts," says Zigmont.
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