The Department of Education estimates 43 million Americans owe a collective $1.6 trillion in federal student loan debt.
Millions of Americans across the country are preparing for federal student loan repayments to start again this fall after nearly a three-year hiatus because of COVID-19. But that additional financial burden is leaving borrowers worried and concerned about their finances once payments come due again.
"I'll be in the grave before I finish it off. I'll die with student loan debt. That's really how I feel," Covert said. The Department of Education estimates 43 million people in this country owe a collective $1.6 trillion in federal student loan debt. On average, borrowers have around $37,000 in debt. Many haven't made a monthly payment since March of 2020, when President Trump paused payments, and are worried about their finances when payments come due.
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