Federal student loans have been extended one last time, what does it mean for Coloradans?

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COLORADO SPRINGS, Colo.– On Friday, Aug. 6, President Joe Biden extended all federal student loan payments until Monday, Jan. 31, 2022.

As of August 6, Americans owe over $17 trillion dollars in student debt, according to the Federal Reserve System. The average Coloradan owes around $307 in monthly payments.

Andrew Pentis, a senior personal finance writer and student loan counselor with LendingTree, said that his best advice for individuals with students loans is to plan ahead and be prepared.

“Don’t wait until the end of this moratorium to come up with a plan to resume payments. Don’t wait until December or January. Come up with a plan now to be confident and ready to resume making payments,” Pentis said.

The Colorado Division of Human Resources offers a variety of student loan forgiveness programs and educational materials on repayment of student loans and more.

To learn more, visit the CDHR website here.

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