When student loan payments resume, 56% of borrowers say they'll have to choose between their debt and buying groceries

Federal student loan payments are coming back, and they're going to wreak havoc on borrowers' budgets.for the first time in over three years.

Cutting back on nonessential spending will be the most typical way borrowers will adjust to make their student loan payments, according to Credit Karma. But there are only so many expenses you can eliminate. But a large portion of high earners also expect to struggle — 45% of borrowers with household incomes of $100,000 or moreOther debts may be part of the issue. More than 50% of borrowers say they're struggling to pay auto loans, mortgages, credit card balances or other bills, according to Credit Karma.

Still, only 34% of borrowers say they'll apply for an IDR plan to lower their monthly payments, according to Credit Karma.over other debts, many still expect they won't be able to make payments and could see their loans enter delinquency. In fact, 45% of borrowers expect their loans to go delinquent when the forbearance ends, the survey found.

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Many student loan borrowers unsure how they’ll restart payments after pause ends, survey saysThere are options available for college students and their families to help take action ahead of time to try to minimize debt. Here are tips on where to start.
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