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Now is the time for borrowers to prepare plan to pay back student loans

Loans on pause since March 2020 due to pandemic
Posted at 12:17 PM, Dec 30, 2021
and last updated 2021-12-31 15:18:24-05

President Joe Biden announced on Dec. 22 another extension to the pause on student loan payments.

The hold will now go on through May 1, 2022.

The pause has allowed the balances of borrowers to be frozen, with no payments required in most federal student loans.

interest rates have also stopped adding up and collections on defaulted debt have been put on hold.

Borrowers were supposed to start paying back on their loans in February.

In Florida borrowers owe an average of more than $35,000 in federal an private debt.

That's according to StudentLoanhero.com.

Loan experts say now is the time to plan for when that extension expires.

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