Student loan payments now resuming

Lifestyle
More than 40 million Americans must resume making student loan payments this month after a three-year pause due to the pandemic. (Image courtesy of Unseen Studio on Unsplash)

During the pandemic, the U.S. Department of Education instituted an emergency relief, automatically pausing student loan payments and setting loan interest rates to 0% from March 13, 2020 to Sept. 1, 2023.

With the pause lifted, borrowers began receiving bills again Oct. 1, with first payments due by the end of October. However, more than 300,000 borrowers were given incorrect information about their loan repayments, and both long wait times and inaccurate answers plague loan provider call lines.

Borrowers are encouraged to look into SAVE, a loan assistance program, or loan forgiveness eligibility for loans at least 20-25 years old.

Ashley Goodrich, 360 Media, Inc., The Atlanta 100