you're reassessing your budgets. One in five borrowers may now be struggling financially because of the return of the payments, according to data from the Consumer Financial Protection Bureau.
Borrowers say the rollercoaster ride of what might happen with the president's student loan forgiveness plan did not end up where they wanted when the Supreme Court struck it down this summer.spoke with one Jacksonville woman who says she has come out of retirement in order to pay her student loans. Education advocates say student loan payments may be hardest for recent graduates like Austin Belet, who graduated from the University of North Florida in 2021.
"It kind of feels jarring, almost," Belet said about the return of the payments. "If it weren't for the fact that I've recently gotten a job and if it had started about two months ago, that would have been another extra dollars that I couldn't have really catered to yet." A more than $400 a month student loan bill is why Riva Newton says she's had to come out of retirement, something sheIf you sign up for automatic payments, the servicer takes a quarter of a percent off your interest rate.Due to a year-long grace period, right now if you miss a payment, you won't be at risk of default and your credit score won't be hurt. Interest will still accrue.