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Expert encourages students to take advantage of loan payment suspension amid virus

Expert encourages students to take advantage of loan payment suspension

INDIANAPOLIS (WISH) — College students are among those facing financial problems due to the coronavirus pandemic.

President Donald Trump announced Friday that student loan payments will be suspended for at least 60 days without penalty, meaning interest will not accumulate for borrowers who decide to defer payments.

The president also said it’s possible for the suspension to be extended.

Bill Wozniak with INvestED encourages students and their families to take advantage of this because some resources schools usually give this time of year likely won’t be available.

“For the borrowers, now there’s a chance to have this time to catch their breath, time to get things reorganized with their payments,” said Wozniak. “There’s some opportunities out there so the borrower won’t go delinquent.”

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Wozniak reminds students and parents that the deadline for filing your FAFSA is still April 15.

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