![]() If I made a $1,000 per month payment on my car, or on my house, I would be paid off and I would not have a home loan or would not have a car loan. “I’ve been making payments for 20 years and my balance has only gone up. “It kind of concerns me a little bit with it coming back with what they’re going to be able to offer us in terms of payment plans,” added Wilson. I’ve been making payments for 20 years and my balance has only gone up The pause on student loan repayments during the pandemic allowed Wilson to catch up on other bills and buy a home, but she worries about the payments restarting. Then her paychecks started being garnished in 2010 to pay off the loans, reducing her pay by about $1,000 per month – and that was just paying off the interest. The US Department of Education paused repayment, collections and interest on federal student loans in response to the Covid-19 pandemic under Trump, with the final extension on the pause scheduled to expire on 31 January 2022.īut now millions of Americans are bracing for resuming payments on federal student loans after nearly two years of relief – and the crisis is set to roll on again.īetween rent, bills and daycare costs, Wilson went into default after not being able to keep up with student loan payments. About 44.7 million Americans have outstanding student loan debt, totaling over $1.86tn, with 42.3 million Americans holding federal student loan debt. She is not alone, as student debt in America has become a crisis for millions of citizens that often feels like it will last for people’s whole lives, or at least blight them for many years after graduation. There was no way that I could make those payments.” ![]() “I couldn’t afford the payments on top of rent and all of the other things. “But then the school loans hit,” said Wilson.
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