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In this video we are going to discuss what you need to know about your federal student loans because federal student loans are due soon. If you have federal student loans, you're likely aware that the clock is ticking down on federal relief efforts. Without another executive order from President Trump or the passage of a new coronavirus stimulus package, you'll need to be prepared to restart payments to your loans on January 31, 2021.

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) yielded a number of financial benefits, including three key provisions for federal student loan borrowers. Specifically, the CARES Act:

1) Temporarily paused federal student loan payments
2) Reduced interest rates on eligible loans to 0%
3) Stopped the collection of defaulted student loan debt

These benefits were set to end on September 30, 2020, but were extended through January 31, 2021. Without further government action, borrowers are expected to begin resume making payments to their loan servicers in February.

If you have federal student loans, you still have some time to plan for how you'll manage them once CARES Act protections end. Some options you might consider include:

1) Set up automatic payments
2) Income-based repayment
3) Consolidate federal loans
4) Extend student loan forbearance
5) Student loan refinancing

Americans hold over $1.7 trillion in student debt and the federal reserve estimates that 31% of all U.S. adults have student loans — all while the country faces a recession and historically high unemployment.

Now, House Democrats have proposed “broadly” forgiving up to $50,000 of federal debt for student borrowers.

The resolution recommends that on his first day in office, President-elect Biden use his executive authority to offer significant student debt forgiveness and also ensure that any cancellation does not result in any tax liability for federal student loan borrowers.

During his campaign, Biden proposed creating a program that offers $10,000 of undergraduate or graduate student debt relief for every year of national or community service, up to five years.

According to the proposal, “Individuals working in schools, government and other non-profit settings will be automatically enrolled in this forgiveness program; up to five years of prior national or community service will also qualify.”

In September, Senate minority leader Chuck Schumer and Senator Elizabeth Warren introduced a comparable Senate Resolution that urges President-elect Biden to “broadly cancel up to $50,000 in Federal student loan debt.”


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DISCLAIMER: I’m not a financial adviser. These videos are for educational purposes only. No official financial advice is being given and anything stated in the videos is strictly my opinion. Please always check with a professional before making any investments or financial decisions. Your investments are your sole responsibility, these videos merely share my own opinions with no guarantee of gain or losses.

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