President Donald Trump signed an executive order this month giving student debt borrowers another three-month pause on their required payments.
While freeing up some money in your budget will be helpful, now is the perfect time to chip away at your debt, according to Asha Srikantiah, head of the student debt program at Fidelity Investments.
The executive order also suspends interest from accruing during the repayment moratorium. This means that any payments made now will go directly toward your principal, according to Srikantiah.
Check out this video to see three other strategies that you can use to pay off your debt during the coronavirus pandemic.