 TITLE: Should You Continue to Make Student Loan Payments During COVID-19? CONTENT: What Can I Do Instead of Paying Student Loans?\n----------------------------------------------\nIf you've decided you'd rather not pay your student loans during this period, here are a few smart things you could do with the money. Remember, if you're facing financial hardship, you should use this money for essential purchases as they come up.\n1.  Use it to pay down your high interest credit card debt. If you have a lot of credit card debt, this could be a good time to tackle it. Credit card debt is often charged a high interest rate, which means allocating this student loan money to pay your credit card bills could save you money. If you decide to do this, pick the card with the highest interest and begin to pay down that balance first. Then, move on to the account with the next-highest rate, and so on. Eliminating the highest interest debt first will help you save more money over time.\n2.  Create an emergency fund. If you don't already have one, consider taking this money and putting it in a savings account for a rainy day. Emergency funds are vital tools to help you plan for emergencies or anything that should go wrong in your budget.\n3.  Put your money in a high-yield savings account. If you plan on putting this extra money aside—or if you plan to create an emergency fund—consider using a high-yield savings account. These accounts pay a higher rate of interest of up to 2% annual percentage yield (APY) versus conventional savings accounts which may only yield a fraction of a percent annually.\nIf you're already struggling with your student loans, or would like more information about smart repayment strategies, check out these articles by Experian to learn more:\n*   How to Get Student Loan Relief During the COVID-19 Crisis\n*   3 Ways to Get Help With Student Loans\n*   What Is Student Loan Rehabilitation?\n*   How to Choose the Best Student Loan Repayment Plan for You\n*   Consolidating Student Loans: Should You Do It?\n*   What Is a Student Loan Grace Period? END