• Student loan debt is at an all-time high. There are currently over 43 million borrowers with a combined student loan debt of over $1.6 trillion.
• Payments are due to resume this month, October 2023. The COVID-19 pandemic relief measures that have been in place for the past two years, including the pause on student loan payments and interest, are ending on September 30, 2023. This means that borrowers will need to start making payments again in October.
• There are a variety of repayment options available. Borrowers can choose from a variety of repayment plans, including income-driven repayment plans that cap monthly payments at a percentage of discretionary income.
• There are also a number of student loan forgiveness programs available. Borrowers who work in certain professions, such as public service or education, may be eligible for student loan forgiveness after a certain number of years.

The Biden administration has been working on a plan to address the student loan crisis. However, it is unclear what the plan will entail or when it will be implemented.

In the meantime, borrowers who are struggling to make student loan payments should explore their options and contact their loan servicer for assistance. There are a number of resources available to help borrowers, such as the Federal Student Aid website and the National Student Loan Law Center.

Here are some additional tips for borrowers who are struggling to make student loan payments:

• Contact your loan servicer. Your loan servicer can help you understand your options and choose a repayment plan that is right for you.
• Explore income-driven repayment plans. Income-driven repayment plans cap monthly payments at a percentage of discretionary income. This can be a good option for borrowers who are struggling to make payments under a standard repayment plan.
• Consider student loan consolidation. Student loan consolidation can combine multiple student loans into a single loan with a single monthly payment. This can make it easier to manage your student loan debt.
• Apply for student loan forgiveness programs. If you work in a certain profession, you may be eligible for student loan forgiveness after a certain number of years.

If you are struggling to make student loan payments, it is important to act quickly. There are a number of resources available to help you, but you need to take the initiative to reach out for help.