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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Sophie's Story
- Sophie Hernandez-Simeonidas graduated in 2020 and hasn't made a student loan payment.
- She buried her head in the sand about it, overwhelmed by the thought of doubling her current payments.
Economic Impacts of the Pause
- The student loan payment pause had positive economic impacts, like decreased medical debts and increased credit scores.
- However, many families adjusted to budgets without loan payments, and the end of loan forgiveness creates economic uncertainty.
First Steps for Repayment
- Visit studentaid.gov to update your information and find your loan servicer.
- Use the loan simulator to explore different repayment plans and find one that suits your income and debt.