Human Rights

Coronavirus Cash Crisis: Should I Keep Paying My Student Loans?

The coronavirus pandemic prompted an unprecedented shutdown of the U.S. economy. And millions may struggle to make their student loan payments.

Coronavirus Cash Crisis: Should I Keep Paying My Student Loans?
Newsy
Article by Stephanie Liebergen
SMS
April 29, 2020

Coronavirus Cash Crisis: Should I keep paying my student loans?

"The good news about student loans is, if they are federally backed, people do have more flexibility to wait to pay until Sept. 30. And so that can really help people who have those federally backed loans," said Kimberly Palmer, a personal finance expert at NerdWallet.

"The ones that are held by banks, credit unions and other financial institutions that haven't been paused. And as well, private student loans haven't been paused. So the first thing I would recommend doing if your loans haven't been paused is contact your lender and call up the loan servicer and ask them about options for financial relief," said Mark Kantrowitz, publisher and vice president of research for Savingforcollege.com.