Despite the years-long break, resuming the payments will no doubt mean pain for many borrowers.
Historically high inflation for everyday goods has squeezed Americans' budgets coming out of the pandemic. But those who fail to make their student loan payments face delinquency and eventual default, which can come with stiff penalties. Beyond damaging their credit scores, borrowers in default could be prohibited from receiving additional aid and government benefits.Experts encourage anyone concerned about being able to make their student loan payments to consider an income-based repayment plan, which considers a borrower's expenses in determining payment amount.
Source: Education Headlines (educationheadlines.net)
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