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Student loans, child tax credit unknowns could shock budgets in 2022

admin by admin
December 23, 2021
in Loans
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Move over Fannie, the non-QM loan is in the fast lane

The New Year could prove to be painful on the wallet for many consumers, particularly some college graduates and young families.

Budget shocks could add up to shortfalls of several hundred dollars a month in 2022 for some, as monthly student loan bills are set to resume now in May, the prices for food and other items remain high and the future of the child tax credit looks extremely dim.

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Many people could be making tough choices on what bills to pay, and possibly looking for ways to work extra hours or find higher paying jobs to deal with essential bills, such as rent, the mortgage, car payments, and, yes, student loans.

Millions of borrowers had faced a looming Feb. 1 date for when they’d have to restart making payments on federal student loan debt.

On Wednesday, though, the U.S. Department of Education announced a 90-day extension of the pause on student loan repayment, interest and collections.

Those payments will need to resume May 1 now, based on the new extension.

The pause on student loan payments will help 41 million borrowers save $5 billion per month, according to the Department of Education.

“As we prepare for the return to repayment in May, we will continue to provide tools and supports to borrowers so they can enter into the repayment plan that is responsive to their financial situation, such as an income-driven repayment plan,” according to a statement by U.S. Secretary of Education Miguel Cardona.

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