No student loan payments until September 30, 2020
If you haven’t heard, Federal Student Loan payments have been suspended for 6 months. This includes the accrued interest, which is an important piece. This means you will not be charged interest during this time. The suspension does not include Private student loans, so check to see which of your payments qualify. If you are not sure, you can go to https://nslds.ed.gov/npas/index.htm
Here are some ideas on what you can do with the money.
1 – Use the funds towards living expenses, if needed
2 – Save it!
3 – Continue to make payments. This will help you pay the loans off earlier. To get an approximate, go to https://studentloanhero.com/calculators/student-loan-prepayment-calculator/
4 – Pay off/down some high-interest rate debt; especially those above 10%.
5 – Invest it. If you are a beginner, some apps you can try are Stash, Acorn and Robinhood.
As you adjust during this time, it is more important than ever that you incorporate good financial habits. Hopefully, you are spending less money. If you need ideas on what you can be doing, refer to the Coronavirus and your Finances blog below.
This is a shift. A pause. There are many lessons before us. Regarding your finances, this is a really good time to re-start or start your financial coaching. To schedule your complimentary 20-minute consultation, go to https://calendly.com/lwilliamfinance
Wishing you and yours good health and tons of love and light.