If there is one thing I regret about going to college, it’s having to take out student loans. While I’m grateful that they’re available to help people go to school and potentially provide a better life for their families, I’m aware that things don’t always go as planned. Sometimes, it takes time to make the type of money you need to repay those loans without taking money away from other necessities. And it’s not unusual for it to take decades to repay the full amount. In fact, there are people past the age of retirement still paying student loans. No one wants to be in debt that long.
There are also times when uncontrollable, external circumstances make it impossible to repay loans at all. We’ve been experiencing one of those circumstances through COVID-19 for a few years now. Fortunately, there are things in place that help student loan borrowers – both in times of personal crisis and in global ones. Let’s take a peek at what the student loan grace period and other helpful options look like.