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Resume student loan payments?

With student loans being deferred for another 3 months, you might be thinking when to resume making the monthly payments. Should you wait until May and focus on other financial goals in the meanwhile? Should you use this time to get ahead on the principal? Should you wait and hope they will be “forgiven” once and for all?

The best way to decide is to keep it simple. List all your debts smallest to largest and start with the smallest one first. Making minimum payments on all the debts except the smallest. The smallest debt should be getting as big of a payment as possible. Once the smallest debt is gone, use that amount to pay towards the next one, plus the minimum payment. This is called the snowball effect. You gain momentum with each debt that gets knocked out and you can begin to see the light at the end of the tunnel.

I am a big believer in taking control of your financial situation. Waiting for someone else, especially the government, to forgive your student loans is not a good game plan. There has been a lot of talk about student loan forgiveness, but nothing ever happens. Take advantage of the deferred period by getting ahead. The sooner you start, the sooner you will have those loans out of your life!

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