“A significant development for borrowers as student loan payments have resumed as of October 1.
The suspension of payments was implemented almost three years ago in response to the pandemic. However, it’s now time for borrowers to commence repaying their loans.
As outlined on studentaid.gov, borrowers can expect to receive their bill and due date at least 21 days in advance. Whether you completed your education years ago or are currently pursuing it, student loans play a pivotal role in shaping your college experience and can significantly impact your future progress.
In Collegetown, local students have been sharing their opinions, with some expressing concerns about the prospect of repaying loans in the current economic climate.”
“A lot of people, their student loan payment only went towards the interest which means the principal balance would never go down,” one student told News 8. “It’s a never-ending cycle of paying student loans and they would always have a balance. I think going forward, if somethings not done where the payments are only applied to the principal, people would never get out of that loan.”
“Students must have access to university and become something free for everybody and not become something for few people or just for who is rich.” Foreign college student Elona Ndoj said. “It’s not fair because education is the base of any society.”
For more information on what to do regarding repayment plans, click here. The website also contains alternative options for paying college tuition other than using loans.