Should I Pay Off My Student Loans?
Is paying down your loans while payments are suspended the best use of your dollars?
One of the features of the CARES Act was that it temporarily set interest rates to 0% and suspended loan payments and collections on all federal student loans through Sept. 30. Then, as conditions brought about by the coronavirus pandemic had not materially improved as that deadline loomed, the relief was extended through Dec. 31.
This FAQ on the studentaid.gov website explains how the current, automatically granted payment suspension works and which loans are eligible. One of the topics covered is something that seems to be on a lot of people’s minds: Can I pay off my loans more quickly if I make regular payments anyway?