Borrowers are still adjusting since student loan repayments resumed, study finds

JACKSON, Tenn. — Americans with student loan balances are still adjusting a year after payments resumed following a three-year pause.

A new survey from the nonprofit National Endowment for Financial Education finds that 74% of borrowers with student loan balances have had to make budgetary changes to make their payments with 28% of those surveyed saying they’ve had to cut up to $500 from their monthly budgets and 21% have had to cut between $500 and $1,000.

“The true key here is to make sure you educate yourself, advocate for yourself, seek out quality resources and information, look at the repayment plans and make sure you understand the terms of your own student loan program that you’re in,” said Dr. Billy Hensley, president and CEO for NEFE.

It is good to utilize the Department of Education’s lending sources and public loans also have forgiveness programs.

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