Undated (WBAP/KLIF) – Interest on federal student loans resumes on September 1, 2023. The over 3-and-a-half year pause on student debt payments was implemented during the COVID-19 pandemic.
Some borrowers took advantage of the interest pause to keep paying their loans but millions more did not.
Brian Walsh who leads advice and planning at SoFi says they’ve been inundated with callers looking for options to get those payment back into their budgets
“Overall we’re talking about 40-million or so borrowers and about $400 billion in students loans; and overall we’re talking it’s probably about $300 to $400 payments that are going to kick back in October.”
There is an income-driven payment scale for some program that bases payments on an individual’s income. Others can seek refinancing to get a lower interest rate, or stretch smaller payments over a longer period of time.
(Copyright 2023 WBAP/KLIF 24/7 News.)
