Millions of Americans must start repaying their federal student loans 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.
For now, Cole has applied for adjustments to his payments based on both the new SAVE plan and prior income-driven repayment options, which are listed as processing and"in review" on his account. The SAVE, or"Saving on a Valuable Education," plan allows borrowers to make lower payments based on a percentage of their discretionary income.
On an earnings call last month, the chief financial officer of Target said that student loan payments restarting will"put additional pressure on the already-strained budgets of tens of millions of households," a sentiment echoed by the financial chiefs of Best Buy and other retailers., one restaurant-industry observer in Boston said workers are taking on more hours, and, for the first time, credit card debt has topped $1 trillion.
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Borrowers are reassessing their budgets as student loan payments resume after pandemic pauseMillions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars a month.
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Borrowers are reassessing their budgets as student loan payments resume after pandemic pauseMillions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars a month.
Read more »
Borrowers are reassessing their budgets as student loan payments resume after pandemic pauseMillions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars a month.
Read more »
Borrowers are reassessing their budgets as student loan payments resume after pandemic pauseMillions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars a month.
Read more »