It was recently announced that student loan forbearance has been extended to January 31, 2021, due to the coronavirus pandemic. This means you do not have to pay your Tennessee student loans until that date, which also opens up opportunities for investing your leftover money in smart ways that could improve your financial future. Not only can this help you during unexpected emergencies, but these techniques could also help you achieve your long sought-after financial goals. However, if you ever find yourself slipping into bankruptcy, feel free to contact a Tennessee bankruptcy attorney.
Advantages of Tennessee Student Loan Forbearance
Tennessee student loan forbearance means you have been granted the option to not pay your student loans until a certain date. Due to the coronavirus, everyone in the United States now has this opportunity, but not everyone will realize the financial advantages of this break from paying off student loans. The date for the end of forbearance is coming closer, which gives you less time each day to make a financial move.
The faster you jump on this opportunity for financial growth, the closer you can find yourself to financial goals like moving into an apartment, a home, paying off a car, or starting a business. You are left with multiple financial advantages during student loan forbearance like saving up the money you were unable to before, catching up on bills, and investing in your goals.
A major technical advantage of student loan forbearance is that you acquire no interest during this period. As many people know, interest can rapidly increase the total amount of a loan, so another way you could take advantage of this situation is by making payments now to decrease the amount of interest you might have to pay later. The lower your overall loan is, the less your interest will be.
Smart Ways to Use Your Extra Money in Tennessee
Other smart ways to use your leftover money during the forbearance period revolve around Tennessee financial savings methods. Savings can come in the form of an emergency fund and a savings account. You have the freedom to use your savings for whatever your personal financial goals are. If you want to save up for a house or for paying off loans faster, you can do that.
However, a Tennessee emergency fund is intended strictly for financial emergencies like car accidents, weather-related damages, medical bills, and similar emergencies that require money. Putting your money into an emergency fund can protect your finances in the long run when something unexpected happens. So many people find themselves broke during emergencies because they never invested in an emergency fund.
Bankruptcy Attorney in Chattanooga, TN
Using money in smart ways is not always straightforward. Try talking with our legal team in Chattanooga, Tennessee, and North Georgia if you have concerns about bankruptcy. Contact Tom Bible Law today at (423) 424-3116 to talk to a Bankruptcy lawyer in Tennessee for a free consultation. Our legal team of Tennessee bankruptcy lawyers can be found in Chattanooga, Kingsport, and Tullahoma.