Student Loan Borrowers Should Prepare Now to Begin Repayments

INDIANAPOLIS – Student loan payments will start up again for millions of Americans in just a few short months.For Franklin Indiana native Elizabeth Nance, this news isn’t welcomed. She is a nurse, but she hasn’t always been. She says it took her a while to get her degree. Because of that, along with a lack of knowledge surrounding student loans, she has racked up a hefty bill with no way to pay it back.

"The SAVE plan is expected to provide most borrowers with the lowest monthly payment when compared to some of the other plans that they would have available under that income driven umbrella,” Rachel Rotunda the Director of Government relations with the National Association of Student Financial Aid Administrators said.

The Biden administration is also giving people who may struggle to pay their loans a year to get on their feet. They are doing so by getting rid of the most severe punishments for people not paying. "Give me my original loan amount and let me pay on that so I can move on with my life because I didn't ask for where I'm at,” Nance said. “There is not a plan that's really going to fix that unless you give me my bankruptcy rights back. Let me go and call my shots not the Department of Education. “

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