Hi and welcome to the Deeper Than Money podcast. I am your host, Chloe Elise. I'm a millennial money

coach speaker, dog mom, and a seven on the enneagram, and I am on a mission to prove to you

that finances can be fun and easy. On the Deeper Than Money podcast, we will dive

into all things millennial finance, debt, saving mindset, and how to have financial freedom

to enjoy life in your 20s and 30s. I want you to leave this podcast with more confidence around

your Moolah and the belief that your biggest financial dreams are

possible for you. So let's talk money. So one question that I've been Hello and welcome back to the Deeper Than Money podcast.

So one question that I've been getting asked a lot lately is, should I be paying off my student loans right now?

So as a refresher during this pandemic and everything, a lot of people are wondering if now is the best time to pay off

student loans because the federal student loan interest rate is 0% until September 30th of this year.

And here's the thing. It can be a wonderful time to do that, right? I mean, zero percent. You can tackle it super

fast, but it's not necessarily what you should be focusing your money on right now. Okay? And so I'm going to

talk you through how to figure that out, how to figure out if this is the best time or if it isn't the best time for you.

So first of all, I do want to point out because I feel like this is a common misconception right now,

is that just because the federal student loan interest is zero percent doesn't mean it's interest

free. Okay. I've seen some people post about how now we no longer have interest and things like

now my loan's going to be, you know, what it originally was supposed to be. And that's not true.

So what it means is that at 0% from March, I don't remember the exact date, March,

something through September 30th, 2020. However, if that loan was previously accruing interest, you still have to pay that interest that was

already accrued.

Okay?

So let's say in you've, you've been out of college for a year and those student loans

...