Refinancing budgets advised as student loan repayments resume

HARRISONBURG, Va. (WHSV) - The federal pause on student loan payments is officially over after a three-year freeze.

Hess Financial is already seeing inquiries from all sorts of people ranging from young families to those between the ages of 35 and 45 years old. They say the ones they have consulted with are trying to juggle student loan payments on top of high inflation.

Planners are now trying to help people manage and come up with a strategy.

“Even though we are in a high-interest rate environment, if you do have higher, interest rates right now, look at consolidating those long as asking questions is worth going out to your lenders to see what they entertain right now,” Certified Financial Planner Derek Hess said.

Applications for the SAVE Repayment Plan are still pending for some borrowers, but financial planners see regrouping with income-driven payments help the obligation work better.

“Taking steps to try to better your position to accommodate these new payments. It’s going to take some discipline, looking at the numbers and coming up with the plan to pay those down,” Hess said.

Financial planners in the Shenandoah Valley encourage people to adjust their budgets as needed.

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