How does the student loan payment resumption affect millions of loan borrowers amidst the lack of debt relief?
Student Loan Payment Resumption Affects Millions of Loan Borrowers Following Lack of Debt Relief Provided
After three years of pause due to the pandemic, the student loan payment resumption reportedly affected millions of loan borrowers as the student loan payment resumption returned the interest rates amidst the lack of debt relief or student loan forgiveness plan.
According to a report published in Good Morning America, the student loan payment resumption started getting the amounts of debt that should have been repaid during the three-year pause and addressing the errors that occurred in the system, including sending incorrect bills, before the student loan payment resumption.
With the student loan payment resumption, financial experts advised loan borrowers to include the amount of loan they would pay on their monthly budget, which only means that loan borrowers should expect to have their budget cut and spend only what they should spend to get by even with the student loan payment resumption.
Loan Borrowers Admit to Changing Their Lifestyle and Budgeting Following Student Loan Payment Resumption
Following the student loan payment resumption, some loan borrowers admitted that they had changed their lifestyle and budgeting, including cutting back their meals or doing freelance work aside from their full-time jobs.
Despite the lack of debt relief, the administration ensured that they are doing their best to implement policies and programs to help loan borrowers with their debts during the student loan payment resumption period, Five Thirty Eight reported.