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Borrowers waiting to see if federal student loan pause continues

WMUR Manchester logo WMUR Manchester 8/16/2022
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People who are in the process of paying their federal student loans are getting down to the final days of the pause that began at the start of the pandemic.

One expert says there are some indications the pause may be extended again.

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“It’s been nice since I graduated in 2019, the only student loans I had were federal loans, so it was nice because I only paid maybe one or two loan payments before they were put on forbearance,” said Andrew Bullock, a University of New Hampshire graduate from Manchester.

Graduates are taking in what could be the final days of the federal loan pause.

“It’s going to have to get paid sometime down the road so it’s either now or later, so it doesn't really bother me either way,” Bullock said.

Unless President Joe Biden decides otherwise and extends the deadline beyond Aug. 31.

Kenneth Ferreira is the vice president for student financial services at Franklin Pierce University.

“The companies that collect on federal student loans on behalf of the federal government, they have not sent out repayment information yet to borrowers, and what that leads me to believe is that I think it is safe to presume there will be another extension,” said Ferreira.

He said students that have already graduated have reached out for guidance.

"What we tell them is pay attention to their email or go to studentaid.gov where they can look up who their servicer is,” Ferreira said.

And even if the pause continues, he says making a payment or two isn't problematic.

“Student loans are not going to be paused indefinitely,” Ferreira said. “Now is a good time, if they can, to chip away at that principal balance. Even if it's $20 a month.”

Ferreira said don't be afraid to reach out to your loan servicer with questions.

And if you need further assistance, the financial aid office with the college or university you graduated from can also be a big help.

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