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On student debt, local accountant says this isn’t something that should be ignored permanently

President Biden made an announcement in December concerning a break to the payments of federal student loans. The local accountant advised students to maximize the opportunity and start saving towards repaying the loan.

Several students have not been required to pay these loans for about two years now. But a CPA with TGM Group, Mark Welsh stated that loans collected by students have attained about $1.7 billion in the US. Which implies that a deferment could occur again. However, Welsh stated that students need to prepare beforehand and pay their loans before the 1st of May. According to Welsh, collecting loans is the only option for some people to obtain good education but as time goes on, people might have to look for a second job or cut back on all their expenses even though it is a difficult decision.

Welsh continued that with the increase of employment in several places, the pandemic continues to make life difficult for a student to pay their debts and a solution should be provided by the government to make life easier. He added that he just felt it shouldn’t be ignored, rather it should be tackled appropriately and since it is federal debt, something can be done, but it requires someone to make a move because of the politics involved. Welsh stated that there could be another debt statement in the future as a result of the pandemic, which can create extra space for a graduate student and 45-million undergraduate who has collected a federal student loan.

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