TERRE HAUTE, Ind. (WTHI)- Many of us will be playing catch-up when it comes to paying back those student loans.
December 31st is the last day loans will be excused. For the last several month's Jasmine Peoples didn't have to pay a penny towards hers.
"I do feel a lot of relief because I don't have that extra $400 or $500 that's like coming out of my banking account," Peoples.
Soon, she'll have to start throwing money back into that pot.
Federal Student Loan payments ramp back up starting in January. However, Jason Trainer told us there's something you can do right now to set yourself up.
"Pay on those loans, that is the best thing to do is to pay that off without having the interest accumulate," said Trainer.
Trainer is the Vice Provost for Enrollment Management at Indiana State. He said first, know how much debt you have.
You can find that out by reaching out to your loan provider. There are possible options that could be beneficial to you in this current economic climate. All of this creates a plan.
"Certain loan providers may have income-based repayment plans make sure that you're saving money if you possibly can but certainly get back into that habit of paying off those loans and making progress on the debt," said Trainer.
So as we move closer to the new year, Peoples said she's looking forward to getting on top of this with a plan.
"I wouldn't wait until last minute or I wouldn't let it creep up on me. It's always important to have a financial plan," said Peoples.
Trainer said there is a possibility that payments could be excused longer, but warns you to not bank on that.
If you have the money now, start paying ahead.