Student loan payments resume for millions after 3-year pause

ORLANDO, Fla. — Millions of people are now planning to start paying off their federal student loans.

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Those payments have been on hold for nearly three years, but they started back up again Sunday.

The change is going to put a lot of people out hundreds of dollars a month.

The repayments are now due for nearly 30 million Americans.

Borrowers are struggling to rebalance their budgets as they face inflation and rising interest rates.

The average federal student loan borrower owes more than $37,000 in debt, with payments averaging between $200 and $300 a month.

This is a big toll on borrowers already struggling with the cost of living.

Some borrowers are disappointed by the Supreme Court’s decision to strike down President Joe Biden’s plan to cancel up to $20,000 in debt.

For millions of Americans, the return of student loan repayments is a harsh reality.

See more in the video above.

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