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Are We Ready For Student Loan Payments to Resume?
The impact of this decision is not being discussed enough.
Fall is rapidly approaching, and with it comes crisp air, apple pie, the smell of the changing leaves, and now the resumption of student loan payments. Come October, borrowers here in the United States will begin to be expected to start repaying the student loan repayments that were paused years ago due to the coronavirus pandemic.
It’s been fascinating, really, to see the way this has so casually been tossed out there as though it’s nothing, but we should probably spend a little bit of time considering how significant this move really is for the average American.
Aimee Picchi with CBS writes:
“…For more than three years, people with student loans haven’t had to repay their debt, thanks to a pandemic-era break that is slated to come to an end in October, when repayments resume. But some borrowers say they aren’t financially prepared to restart payments, while others may simply be unaware that repayments are due…
…Only 30% of borrowers know when their payments are slated to resume, while almost half said they aren’t financially prepared to begin repaying their debt, according to a recent survey from U.S. News & World Report…”
