After a three-and-a-half-year pause, federal student loan payments will be required once again, with due dates starting in October. With the average monthly student loan payment being nearly $400, it's fair to say that this could be a financial shock to many borrowers. The good news is that there are two ways you may be able to reduce or eliminate your student loan payments because of the Biden administration's relief plan.
There are a couple of excellent options for borrowers who might struggle to make their student loan payments.
About the Author
Matt Frankel, CFP, is a contributing Motley Fool stock market analyst and personal finance expert covering financial stocks, REITs, SPACs, and personal finance. Prior to The Motley Fool, Matt taught high school and college mathematics. He holds a bachelor’s degree in physics from the University of South Carolina, a master’s degree in mathematics from Nova Southeastern University, and a graduate certificate in financial planning from Florida State University. He won a SABEW award for coverage of the 2017 Tax Cuts and Jobs Act. He is also regularly interviewed by Cheddar, The National Desk, and other TV networks and publications for his financial, stock market, and investing expertise.