For many, monthly student loan payments are a huge expense. Fortunately, there are several ways you can get help paying student loans.
If you have federal student loans (not private loans), the government extended a student loan forbearance period to June 30, 2023. This administrative forbearance means you do not have to pay your federal loans if you do not want to or are unable to. Some of these federal loans will also be reset to 0 percent interest during this time. Contact your servicer to see if you are eligible.
Additionally, many private loan companies are offering similar kinds of student loan assistance like forbearance, so be sure to check with your servicer. If your private student loans are still accruing interest at this time, it may be a good time to consider student loan refinance programs. Since interest rates are low due to the recession, you can refinance your student loans to reduce your interest and monthly payments.
If you have a federal loan, you may also want to consider a low-interest student loan refinance after the forbearance period is over.
To find out if student loan refinance options can help you, check out some online lenders. Most will let you see if you qualify and provide you with a student loan refinance quote without affecting your credit.