NJ Residents With Student Loans Can Take A Deep Breath

NJ residents currently still struggling with the weight of student loan debt can breathe for the next few months.

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It was announced this week the the Biden administration has officially extended the suspension of payments for federal student loans. 6abc.com reports that anyone with any money owed directly to a government entity to cover their student loans won't have to begin repaying those until this September.

As you can very well imagine, this is great news for people who've lost so much due to the pandemic. That's exactly why Biden agreed to move forward with the extension. So many people are still out of work as a result of COVID-19 wreaking havoc on the economy, so, quite frankly, you can't really expect them to choose between paying those student loans back and putting food on the table for their families.

Even with the added help from unemployment, some have student loans that would completely wipe out a week's pay. While the vaccine may be the first glimmer of light at what's still a very long tunnel, we as a state and nation are still not out of the woods. Finances are still rough, so this announcement has, no doubt, removed a huge amount of stress off the shoulders of many.

Those who are blessed enough to still be employed can use this forbearance period as a time to either stack away some savings that would otherwise be dumped into their student loans or continue to pay their monthly principle without having to pay on any interest. So, at the end of the day, if looked at through the proper lens, this extension is a blessing to all still currently strapped down by federal government student loans.

Source: 6abc.com