Advertisement

Student loan freeze extended - how to use that extra time wisely

Published: Dec. 23, 2021 at 7:21 PM EST
Email This Link
Share on Pinterest
Share on LinkedIn

PARKERSBURG, W.Va. (WTAP) - Student loans have been put on pause since the beginning of the pandemic. On Wednesday, Biden announced that the freeze will be extended to May.

While this extension gives you more time, it’s time you can spend wisely. Consumer Credit Counseling Service of the Mid-Ohio Valley’s Executive Director Shelene Shrewsbury advises spending this extra time to rethink your budget. The assistance isn’t going to last forever so she warns not to rely on another extension.

“Being underprepared can get you into trouble financially. When that payment comes due and you’re not ready for it, it can really cause a big strain on a budget,” Shrewsbury said.

If you are having trouble setting up a budget, Shrewsbury suggests going to studentaid.gov/loan-simulator. There, you can access your federal student loans and organize them into a payment plan. You can also look into whether or not you qualify for more financial assistance there.

Copyright 2021 WTAP. All rights reserved.