Millions of student loan borrowers are facing a jarring experience as billions of dollars in loan payments come due in October. Economists and advocates are warning that this could be a challenging time for many individuals who haven’t had to make student loan payments in over three years due to the pause implemented by the Trump administration at the start of the COVID-19 pandemic.
During the payment pause, around half of the 43 million people with federal student loan debt have taken on additional debt, such as car loans, mortgages, or credit card debt, according to the Consumer Financial Protection Bureau (CFPB). Some borrowers are already struggling to keep up with these payments, even without the added burden of student loan bills. Additionally, about
How can the government and financial institutions support student loan borrowers during this challenging time of transitioning from a payment pause to resuming loan payments
Millions of student loan borrowers are about to face a nerve-wracking situation as billions of dollars in loan payments become due in October. Experts and advocates are sounding the alarm, warning that this could be a difficult time for many individuals who have enjoyed a three-year break from making student loan payments, thanks to the Trump administration’s pause during the COVID-19 pandemic.
During this payment pause, approximately half of the 43 million people with federal student loan debt have taken on additional financial burdens, such as car loans, mortgages, or credit card debt, as per the Consumer Financial Protection Bureau (CFPB). Some borrowers are already finding it challenging to keep up with these payments, even without the added strain of student loan bills. As a result, the upcoming deadline is causing significant concern and anxiety among borrowers.
Navigating student loan repayments post-COVID can be daunting, but with these helpful tips, you can regain control of your financial situation. Don’t let the pandemic hinder your progress, prepare yourself for the restart and tackle those student loans with confidence.
As the world slowly recovers from the pandemic, it is crucial for students to start preparing for the restart of student loan repayments. This article provides valuable tips on how to navigate the post-COVID landscape.