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Should you pay on your student loans right now?

Student loan debt hit another record high, despite a pause in payments for federal loan holders.

CHARLOTTE, N.C. — Should you pay on your student loans?

Let's connect the dots.

Student loan debt hit another record high, despite a pause in payments for federal loan holders.

The Federal Reserve Bank of New York is reporting student debt reached $1.59 trillion in the first quarter of 2022.

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This is the second-largest category of consumer debt behind home mortgages.

RELATED: Claim that 40% of Americans who take out student loans never graduate needs context

The Biden Administration continues to float the idea of some form of debt forgiveness, but for right now payments are paused until the end of August.

Meantime, private student loans are still accruing interest and require repayment.

So should you pay on your loans right now?

Most experts agree if you have federal loans, it's a good idea to wait during the payment pause to see if the government will take action on forgiveness.

If you have private loans, experts say you should keep paying or work with your lender if you need help.

RELATED: Yes, Biden proposed full debt forgiveness for students of HBCUs and public colleges on the campaign trail

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