Because the U.S. Supreme Court has tossed out President Joe Biden’s student loan forgiveness after more than three years, people with outstanding loans will have to start paying those loans back — with interest this month.
Interest starts in September and payments will begin again in October.
Money pros weighed in on how to ease the sticker shock — and how to handle student loan reinstatement using organizational skills, spending strategies and payback implementation.
Here’s how to tackle the reinstatement.
Some people who will begin to pay back their student loans this fall may find the prospect of repayment overwhelming.
That’s potentially because they’re looking at the total loan, the interest involved and the years it will take to repay it, said Michael Liersch, head of advice and planning at Wells Fargo in New York
Instead, he suggested creating “bite-sized” action steps — and start by focusing on…
Read the rest: Source link
Check out our business apps and business podcasts sections, you will be inspired with the type of content we have there.
Discover more from Black Business Data
Subscribe to get the latest posts sent to your email.
