Millions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars.
Millions of Americans must start repaying their again in October, with monthly payments averaging hundreds of dollars. To get ready, borrowers are cutting expenses, taking on additional work, and looking for options to reduce their monthly payments.
“It had been a huge relief the past few years to not have that financial burden,” she said. “In the next months, I'm looking to see where I can scale back in my budget. Probably less going out to eat, and more picking up side gigs.” Cole works the front office at a medical practice, checking in patients, handling records and managing payment collection. Some of his other debt comes from medical expenses after a car accident early in the pandemic.
Not yet clear is how millions of people suddenly having less discretionary income might affect the economy.
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