Graduates grateful for student loan repayment pause extension
SAVANNAH, Ga. (WTOC) - People who have student loans were given an early Christmas present this year.
President Joe Biden extended the pause on student loan payments.
It’s no secret that college can cost you. And loans, can last a lifetime. But the payment pause is giving graduates in our area opportunities to reach their goals long after graduation.
Graduation is a moment so many students wait for, but student loans can be crushing.
Kareem McMichael graduated from Savannah State University in 2009 and now works for his alma mater. He said the extension came at just the right time.
“I’ve been able to save more, put money away in other ways, and seemingly has allowed me to pay other things down to help regenerate my credit. So, that has been good,said McMichael.
Savannah State graduate and faculty member William Martin said he’s still been making payments during the freeze, as it’s a good time to get ahead.
“You’re not paying interest on this time off as well. So, not only for myself but for a lot of families and individuals who are paying back student loans, it’s a huge help,” said Martin.
McMichael also said the extension gives him time to plan better.
“My plan before then, hopefully around February or March is to start back paying myself anyway, so I guess I would curve that principal balance a little bit if I start back early,” said McMichael.
While full repayment is still looming, the extension is welcomed news.
“When student loan payments, zero interest, when all of that is taken off your plate, it helps, because then you’re able to focus on other areas like keeping the lights on,” said Martin.
Payments are set to resume in May 2022.
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