It's been two years, since people with federal student loans, have had to make a payment. But that will change on May 1st, when payments resume for the 45 million Americans who owe the government money for college expenses.
Many people with student debt have used the forbearance period to wait and see, if president Joe Biden will keep a campaign promise... of forgiving up to $10,000 dollars in federal student loans.
Bobby Matson says he and his wife graduated college with six figures in debt. He is now, the CEO of Payitoff, a Fintech company, helping others navigate the ever changing world of student loans.
With tax season underway, Matson advices those with debt, to either start, or continue paying off their loans.
"The best thing you can do is really take control of your situation. Find apps or partners that can help you navigate through the process," he continued, "Take into account federal programs because those are the programs that really help borrowers."
And for those who have been paying off their balances anyway, Matson says don't be alarmed if you don't get a tax deduction this year.
"A lot of borrowers are going to be a little surprised because they usually would claim a student loan interest deduction, but there was no interest that accrued, because of the forbearance period they won't see it."
