Student Loan Payments Are on Hold Until January 2022 — But Is It Wise to Pay Anyway?

Photo Courtesy: Yulia Petrova/Getty Images

In the wake of the ongoing COVID-19 pandemic, the federal government has taken measures to provide temporary reprieve for borrowers with student loan debt. Since 2020, borrowers have not been required to make monthly payments on outstanding loans balances; while that reprieve was initially going to end in September 2021, the pause has been pushed back to early 2022.  

Although many borrowers are relieved by the pause, that doesn't mean these former students don't have questions. For example, even though loan payments are on hold until January 2022, is it wise to continue making payments if you can afford to do so? We're delving into everything you need to know about how the student loan landscape has changed in the face of the pandemic — and how you can prepare yourself for the impending financial burden of loan payments resuming in a few months.