Federal Student Loan pause scheduled to end August 31st

Published: Jul. 20, 2022 at 7:20 AM PDT
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RENO, Nev. (KOLO) - There has been a pause on federal student loan payments for over two years now. If the pause ends on its scheduled date of August 31st, experts say payments can be due as soon as the first of September.

The Nevada State Treasurer’s Office recommends looking into your student loans as soon as possible. Organizing a strict budget is highly recommended. Reassess your monthly budget into categories. Make your needs the top priority, like your loan payment.

The Treasurer’s Office can help with repayment plans and share ways to avoid going into default.

Dr. Tya Mathis-Coleman is the College Savings Deputy Treasurer with the Nevada State Treasurer’s Office. She shared that borrowers may not realize their loan could be forgiven, that’s why receiving assistance is so important.

“By contacting our office we can really sit down with you and if you can’t get your loans forgiven we can at least help you come up with a repayment plan that doesn’t stop you from living. We understand people have to pay back their student loans, but they still have to pay their day-to-day expenses, they still have to raise families, and so we want to be able to help them so this isn’t a stressful thing that takes over their life,” Dr. Mathis-Coleman said.

Individualized support and guidance can make the process of paying your loan off that much easier. If you don’t have someone to speak to at your institution, the Treasurer’s Office encourages you to reach out.

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