As the Biden administration’s student loan forgiveness program remains in limbo, debt counselors are offering advice for managing debt.
Noelle Carter, president and CEO of Parachute Credit Counseling (formerly Consumer Credit Counseling), said for as long as loan payments remain in forbearance, wait it out. Pay down other debts in the meantime.
"I think a lot of times we’re so young when we’re taking out these loans we don’t realize the financial implications that it can make for us down the road,” said Carter, who overcame student loan debt herself.
Now she is part of a team that helps about 200 people a year navigate their debt.
If lawmakers do not resolve the pending litigation against the student loan forgiveness program by June 30, 2023, payments will resume 60 days later in September.
People who need to make so many payments before they can be eligible for public servant loan forgiveness are still making progress toward that cancellation even in forbearance with $0/month payments.