Student loan borrowers got a welcome gift in from the U.S. Department of Education—a temporary suspension of loan payments and a 0% interest rate amid the uncertain long-term effects of the pandemic. The freeze has since been extended four times (now lasting through ) and presents a big question for borrowers: to pay or not to pay?

The freeze provisions to defer student loan payments under the CARES Act don’t apply to everyone with student loan debt. Of the 44.7 million borrowers in the U.S., only those who hold Department of Education–owned loans are eligible for payment suspensions. And most borrowers have a mix of federal and private loans, according to student loan experts.

“Now that they’ve extended it, it really presents some opportunities for people to think about their finances and how they’re directing their income to be in a much better place when this forbearance expires,” says Kristen Holt, president and CEO of GreenPath Financial Wellness.

You spent time pursuing a degree to further your career, but you don’t want the debt that comes with it to limit your opportunities. (mehr …)