Loan borrowers need a plan to pay off their debt

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September is traditionally back-to-school time, and even in times of COVID-19 restrictions, September was supposed to be the month when student loan repayments got back on track.

Well, like a lot of things, we’re still looking at a new game plan here. And it’s one that savvy consumers could use to their advantage.

Borrowers across the country began receiving notices in April from their federal student loan officers of temporary 0% rates and a pause in payments. No payments were due, which theoretically offered some relief from tight budgets as wages were cut and jobs lost during the fight against the coronavirus pandemic.

But that deal was scheduled to end on September 30, and borrowers are expected to start repaying those federal student loans soon.

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