Since March 2020, federal student loan payments and interest charges have been paused, and for many of us it's been a welcome relief. But this relief is currently scheduled to end in May, even as many borrowers are still feeling the financial effects of the pandemic and inflation.
Now, it's been reported that President Biden is considering extending the pause again — and some form of student debt cancellation is still a possibility. So if you've benefited from the student loan freeze, we would love to hear from you and share your story.
Maybe taking a break from student loan payments allowed you to finally get out of the paycheck-to-paycheck cycle. You'd never been able to save before, but now you have a healthy emergency fund, and you feel more confident about your ability to handle unexpected events.
Or perhaps the student loan pause enabled you to make some much-needed changes in your career. Before, you were working in a higher-paying job with loooong hours that felt totally soul-sucking. But during the pandemic, you were able to switch to something that pays a little less but gives you a better quality of life. Your mental health has improved a lot, and you really don't want to go back.
Or maybe having loans on pause enabled you to reach a big financial goal like buying a house. You've saved up all the money you used to put toward student loans, and you were able to put it toward a down payment. You love your new home, and you don't know if you would've been able to do it while paying student loans.
Tell us about how the student loan pause has helped you in the comments or via this anonymous form, and you could be featured in a BuzzFeed Community post.
And for more stories about life and money, check out the rest of our personal finance posts.