Millions Struggle with Student Loan Payments
Many student loan borrowers now face tough financial times after payment pauses ended and a key repayment plan changed.
Student loan defaults reach a new high. Almost 10 million borrowers cannot make their payments. This adds up to over $230 billion in debt. This problem started when student loan payments restarted. It grew worse when the SAVE Plan ended.
The SAVE Plan helped many people. It made their monthly payments lower. Now, without this plan, more people struggle. One out of five student loan borrowers is now in default. This means they are behind on their payments. This puts a big strain on their personal finances.
Borrowers need to understand their options. They can contact their loan servicer. They might find new payment plans. Staying informed helps manage this debt. It keeps their financial future safe.
Source: Fox Business
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