Dr. Billy Hensley, President and CEO of the nonprofit National Endowment for Financial Education joined On Point with Juandolyn Stokes to share news about the anxiety many are feeling about the repayment of student loans, which will begin in October for the first time in three years!
Needless to say, the combination of inflation and a recession are plaguing the U.S. economy and it has 80% of borrowers worried about they are going to resume student loan payments.
The fact of the matter is "interest in accruing and payments are due," said Hensley.
Hensley suggest for those who are not sure what they owe in loan debt or are concerned about how they will they will pay, should visit the website: studentaid.gov and use the calculator to see how much they can expect to pay.
There were some 800,000 borrowers who were fortunate enough to receive cancellation notices for their student loan debt. If you were not one of those people with a canceled debt you can take a financial education class to help you get a grip on your money management.
According to Hensley, "One in ten people with student loan debt will have to cut discretionary spending within the next few weeks.
