Preparing to pay student loan payments
In December, the Biden-Harris administration announced that the student-loan payment pause was extended until May 1st, but that time is flying by and borrowers have less than two months to prepare.
Student Debt Crisis Center found that 89% of borrowers are not prepared to begin making payments again. Borrowers in Mississippi have racked up $16 billion in student loan debt and the average debt per borrower in Mississippi is $37,080.
Student Loan Debt Payment Expert Mary Jo Lambert-Terry says it is important to have a plan and steps in place as people prepare to pay off student loans. “If you can’t make your monthly payments, there are federal programs that are available to you. So, there is income-driven repayment programs which are completely based on your income, what’s your number of households. Obviously, these things could have changed in the last two years and determine realistically what you can afford to pay.”
To get more information on your student loan payments go to studentaid.gov.
