How to Prioritize Your Debts When Student Loan Payments Resume | Student Loans and Advice
With federal student loan payments set to resume in October, you might be wondering how to rework these payments into your budget – and if times are tough, what priority they should take over other debts.It's a difficult question to answer: How do you allocate your money to make sure you are meeting deadlines without overdrawing accounts or racking up interest?"Prioritizing debt is not only about interest rate or amount," says Jack Wang, wealth advisor at Innovative Advisory Group. "Factors such as liquidity, emergency fund, cash flow and stability of income are also important." He adds, "Paying student loans is important, but depending on circumstances, paying other debt may still take priority."When Will Federal Student Loans Start Accruing Interest Again?The student loans pause will en...
