A student loan is every aspiring student’s go-to solution if they want to pursue a college degree or further studies. However, this pandemic has changed all our dynamics, especially in earning the wages to pay back the loans. Should you still continue with your student loan in this pandemic or should you opt out of school while you continue to pay outstanding debts? Should you delay your schooling for at least another year?
Should You Push for Your College Degree?
World economies took a downward spiral because of the Covid-19 pandemic. Many businesses closed, people lost their jobs, and also a huge mass of people got sick. Moreover, millions have lost their lives to the complications caused by the coronavirus.
With everything that has happened, education has taken a back seat. Some have decided to take a forced school holiday, especially the young ones. Eventually, the shift went to online schooling, modular education, or distance learning.
But what about those in higher education or those who are supposed to move up? Should they still push for a college degree and also take out a student loan?
Every Situation is Different
There is no black and white answer to the questions above. That is because every family situation is different. There are different localities, different schools, and different family backgrounds.
Some students are still able to gracefully navigate through the pandemic because they have parents or trust funds that can support them. Others are barely making a living and just taking it one day at a time.
But there are those who are willing to make a lot of lifestyle sacrifices in order to reach their dreams. It depends upon you, what you are happy with, and what you are willing to work for.
What matters now is that the US government is not blind to the people’s needs. That is why there are loan relief options that have been put in place.
One of that is the schedule of student loan repayments. Schedule of repayments will be moved to January 31, 2022, which was announced August 6, 2021, instead of September this year. Students have a window of five months in order to assess their situation and make assessments before
The pause in payments covers the following relief measures for eligible loans:
- a suspension of loan payments
- a 0% interest rate
- stopped collections on defaulted loans
Alert: Don’t accept unexpected financial aid offers. Desperate times call for desperate measures so scammers also want to take advantage of the unsuspecting.
Moreover, the Department of Education also announced a hearing schedule for a regulatory rewrite and overhaul of several major federal student loan programs. This will include multiple student loan forgiveness and discharge programs. They are also considering income-driven repayment plans. So watch out for these developments that can make your student loan easier to manage.
Knowing all these information, you can now make your assessment on which path to take. You can challenge yourself to move further in your studies and plunge on your student loan. Or maybe, your finances can take a break? It’s really up to your finances and situation right now.