The clock is ticking on student loan forbearance

If you or someone you know has federal student loans you probably are aware that these loans have been in forbearance since late March. That means the interest rate on the loans has temporarily been set to 0% and payments have been suspended due to the economic impact of the Coronavirus pandemic. But that is set to end December 31, 2020.

That means in about 2 months student loan payments will be due again, and interest will jump back to where it was before, no more 0% loans. Make sure to account for those payments again in a monthly budget after almost 9 months off. It may also be a good time to consider refinancing, or consolidating, existing loans. Read our article here to find out the difference between the two and how they could help you save time, save money, or both.