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Federal student loan payments set to resume soon, more jobless claims than expected: The news and your money

Student loan borrowers who paused payments in the pandemic may have to pay up soon.

Twenty/20

Stocks drop as coronavirus cases in the United States climb, more Americans filed first-time unemployment claims, and student loan borrowers who paused payments during the pandemic may soon have to resume paying. Here's how the headlines could affect your money.

Markets fall and coronavirus cases climb

All three major indexes were down Wednesday. Stocks had been fluctuating since last week, following vaccine announcements from Pfizer and BioNTech as well as news about growing coronavirus numbers.

The Dow and S&P were both down slightly Thursday. Markets make big movements following major news but have historically leveled out. So it makes sense to take the long view and avoid impulsive investing decisions. 

More weekly jobless claims than expected

More Americans filed first-time unemployment claims in the week ending November 14 than in the week prior. The Department of Labor's new report shows that 742,000 people filed claims last week, an increase from last week and worse than analysts expected. 

This marks the first week-over-week increase after four straight weeks of declines. If you're looking for work, some in-demand jobs this season include warehouse worker, medical biller, and pet care worker.

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Student loan borrowers may have to start paying again in 2021

The Department of Education offered coronavirus forbearance on student loans, with no interest accrued, as a part of the CARES Act in March. President Trump later extended relief through December.

With that protection in place, less than 11% of people with federal student loans have been making payments. But that could soon change.

Experts are telling borrowers to get ready to restart payments as soon as January 2021. If resuming payments would be a struggle, now is a good time to evaluate your repayment plan and options for assistance.

Words you've heard: Coronavirus forbearance

The CARES Act stimulus package passed in March included coronavirus forbearance on federal student loans, which allowed borrowers struggling financially to suspend loan payments.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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