Consider This from NPR Advice for navigating a volatile economy
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May 20, 2025 Mandy Woodruff Santos, a personal finance expert and host of the Brown Ambition podcast, shares vital insights on navigating today's turbulent economy. She provides savvy strategies for tackling student loans and credit card debt without losing sanity. Listeners learn how to adapt in an unpredictable job market while stressing the importance of proactive career planning. Mandy also highlights the need for community support and prioritizing mental health during tough times, reminding us that financial well-being is intertwined with emotional resilience.
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Student Loan Defaults Rise
- Over 5 million borrowers are in default on U.S. federal student loans with collections resuming on tax refunds and wages.
- Borrowers face budget strain from student loan repayments amid broader economic inflation and tariffs making affordable goods scarce.
Manage Budget for Loan Payments
- Use a budgeting app or spreadsheet to track expenses and find room for new student loan payments.
- If budget tightens, reduce subscriptions, increase income, or explore flexible repayment plans like income-based options.
Consider Income-Based Repayment
- Income-based repayment plans can extend your loan timeline and adjust payments to affordable levels.
- These plans often include loan forgiveness after 20 to 25 years and are generally better than deferment or forbearance.