Long-time wealth management professional Jeff Speicher serves as managing director of his own firm, Speicher Financial Group. Jeff Speicher makes a point of staying updated on market trends, including current news regarding student loan payments.
If you have federal student loans, you are probably already aware that loan payments have been paused until 2021 as a part of the so-called “coronavirus forbearance.” This means that payments are temporarily suspended, a move intended to help Americans financially during the current global pandemic.
However, if you are in a comfortable position financially, this forbearance could present a unique opportunity for you to get ahead on your payments. When your student loans are in forbearance, you are not required to make payments, and the accumulation of interest is also paused. Those looking to pay down their student loan debts faster can use this opportunity to make additional payments and start chipping away at the principal of the loans.
It can also simply be beneficial to keep your established habits in place. If you are already used to making regular payments, and are in a financial position to keep making those payments, you should seriously consider keeping up with them, even during the forbearance. Not only will this help you maintain good habits, but it will also pay down the principal and ultimately shorten the term of the loan.
If you have federal student loans, you are probably already aware that loan payments have been paused until 2021 as a part of the so-called “coronavirus forbearance.” This means that payments are temporarily suspended, a move intended to help Americans financially during the current global pandemic.
However, if you are in a comfortable position financially, this forbearance could present a unique opportunity for you to get ahead on your payments. When your student loans are in forbearance, you are not required to make payments, and the accumulation of interest is also paused. Those looking to pay down their student loan debts faster can use this opportunity to make additional payments and start chipping away at the principal of the loans.
It can also simply be beneficial to keep your established habits in place. If you are already used to making regular payments, and are in a financial position to keep making those payments, you should seriously consider keeping up with them, even during the forbearance. Not only will this help you maintain good habits, but it will also pay down the principal and ultimately shorten the term of the loan.
