Consider This from NPR
Student Loan Payments Are Back. Now What?
Sep 3, 2023
The resumption of federal student loan payments brings challenges for over 40 million borrowers. A recent graduate shares personal experiences navigating this transition. Experts discuss the financial ripple effects, including anxiety and budgeting concerns. Practical advice is offered on managing multiple loans and selecting the right repayment plans. The discussion also covers the struggles with loan servicers and highlights new initiatives aimed at supporting borrowers through this complicated landscape.
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Quick takeaways
- Millions of borrowers are facing the resumption of student loan payments and accruing interest after a three and a half year pause, causing concern and stress for borrowers who must navigate repayment.
- Borrowers are advised to start by updating their contact information, identifying their loan servicer, and determining the repayment plan that suits them best, using the Department of Education's loan simulator to calculate monthly payments and long-term interest.
Deep dives
The Return of Student Loan Payments
After a three and a half year pause on federal student loan payments, millions of borrowers are now facing the resumption of payments and accruing interest. Many borrowers adjusted their budgets without loan payments and used the extra money for other debts or investments. However, the end of the pause has caused concern and stress for borrowers who must now navigate repayment. The expected loan forgiveness plans were struck down by the Supreme Court, leaving borrowers uncertain about their balances. This situation will have ripple effects on the economy.
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