Student loan payments resume: Experts give tips, address most-asked questions

More than 40 million borrowers have to start making student loan payments again. The CPA Society offered three"smart money management tips" as student loan repayments resume.As of Oct. 1, tens of millions of Americans once again have to budget for student loan repayments after a pause of more than three years.

"No matter what your income is, you’ve gotten used to spending the way you’ve been spending for the last three years," said Trujilo, who has $120,000 in student loan debt after earning multiple degrees. "When you stop and look at where all the money is going, a lot of times you can be like, 'oh my gosh why am I spending X dollars on that thing? I don’t even like that thing, or I don’t use that thing,'" said Buffardi.

"You can plug your information in once, and it tells you not only what your monthly payment will be under all the plans you’re eligible for, but almost more importantly how much that plan will cost you over time." "Which will let them get out of default pretty much immediately," said Mayotte."Then they’ll be eligible for lower payment options. It also removes the default line from their credit report like it was never there.""It’s that scramble to make adjustments to the budget that’s caused a lot of concern for student borrowers because things have changed," said Bruce McClary.

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