Experts Say Now is the Time to Get Ahead of Loans
45 Million Americans are in the process of paying off mountains of student loan debt.
But financial experts say the COVID-19 pandemic provides many with a unique opportunity.
According to the Institute of College Access and Success, Americans have compiled $1.6 trillion in student debt.
But many who have college loans recently got some good news when the CARES Act was signed in March.
Those with federal student loans would be granted forbearance.
April Sanderson, a financial councilor at LSS Counseling Services in Duluth, said using this unprecedented time to chip away at student loans is huge.
"This is going to be potentially life changing. Instead of it being a forbearance that accrues interest, it doesn't accrue interest. So nothing will be capitalized at the end," Sanderson said.
Sanderson's advice for those not struggling with student debt is to save money.
"Life happens and we always know life happens at the worst time so having savings is that insurance for when life happens," Sanderson said.