Title: Brace Yourself: The Student Loan Payment Pause Is Coming to an End For the last 18 months, student loan borrowers have enjoyed a rare reprieve from the stress of monthly payments. But now, with the pandemic winding down and the economy slowly starting to recover, the time has come to face reality: the student loan payment pause is ending. According to a recent report from the New York Times, the deal to raise the debt ceiling will require borrowers of federal student loans to resume paying for the first time since early in the pandemic. This means that if you've been putting off your loan payments, you need to start preparing for their inevitable return. So, how can you prepare yourself? Here are some tips: 1. Get Organized: Take some time to gather all of your student loan documents and make sure you know exactly what you owe, when your payments are due, and what your interest rates are. This will make it easier to plan your budget and stay on track once payments resume. 2. Make a Budget: Speaking of budgeting, now is the perfect time to create (or update) your budget. Figure out how much you can realistically afford to pay toward your student loans each month and make sure you're prioritizing this payment in your budget. 3. Explore Your Options: Depending on your financial situation, you may be eligible for loan forgiveness, income-driven repayment plans, or other assistance programs. Do your research and see if any of these options make sense for you. 4. Set Up Auto-Pay: Once you know how much you'll be paying each month, consider setting up automatic payments. This will ensure that you never miss a payment and can help reduce the stress of having to remember to make payments each month. While it's understandable to feel anxious about the end of the student loan payment hiatus, there are steps you can take to prepare yourself and stay on track with your finances. So take a deep breath, get organized, and start planning for the future - your financial well-being will thank you. A deal to raise the debt ceiling would require borrowers of federal student loans to resume paying for the first time since early in the pandemic.
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