MONEY HACKS: What’s Happening with My Student Loans?

The Biden Administration just announced the student loan relief will not end next month, millions of Americans will instead restart their student loan payments in May. There’s been some political back-and-forth on student loans and with concerns about the new omicron variant, the Biden Administration has extended the payment pause. Even though this has been extended, we still think this is an essential time to look at, revisit, and develop a game plan for your college loans. Let us know if you have any questions or if you’d like to discuss student loan repayment strategies.

Resources:

• 5 Worst Things To Do For Your Student Loans
• No, Biden Won’t Extend Student Loan Relief Again
• The Lemonade Life

Any money questions you’d like answered? Our Money Hacks series is created from conversations we have with employees, investors, savers, and all people planning for their financial futures. What topics are on your mind for our next episode? Email us here!

Video Transcript:

Hey, it's Alex Assaley with another installment of Money Hacks, episode number 86, and I'm here in my office jam room trying to play a little bit of drums. And you might be able to see a little, this piece of artwork. One of my best friends painted it and gave it to me. We grew up together. We went to college together and I was thinking about my college days, which were quite a while ago, and it got me thinking about student loans. So, I was doing some research on when the student loan relief will be ending, and it's set to end as of January 31st.

I saw a couple of pieces in Forbes from Zach Friedman on student loan debt. He has some cool pieces that we'll link to this video on, you know, action items you should be thinking about when it comes to your student loans because of the student loan relief period that we've had this entire year whereby you haven't been required to make payments to your student loans, interest hasn't been accruing for those public loans.

It's getting ready to end, and President Biden administration so far has said, they're not going to extend that. So, that means you know, for those who have student loans this is a really important time to look at, revisit them and see if you have a strategy to pay them down or pay them off before the relief. Take advantage of the interest-free period, or just get prepared to start paying them again, starting in February.

So, an important reminder, and then it also got me to check out Zack Friedman's book, "The Lemonade Life". I've not read it. I bought a copy of it. I perused through like the first 10 or 15 pages, it's interesting if somebody has read it, and has any input or feedback sounds like folks like Seth Godin are big fans of it. Send me a note or send me a message on here. I'll check it out and hope everyone's doing well, and we'll see you soon. Thanks!