Student Loans Payments Return After Three Year Pause

Charlotte – Student loans were paused for three years due to the pandemic, but now borrowers must now re-start those payments.

Holly Carsten is a 26 year old Charlotte native. She graduated last year with her masters in health care management from Grand Canyon University. Her original student loans were 38,000 dollars.

“I didn’t have a well paying job at the time,” said Carsten. “Now the thought of having to pay my student loans, it’s a burden for sure.”

In July, the Supreme Court rejected a plan by President Biden’s administration to wipe away 400 billion in student loan debt, and now, millions Americans are worried.

“There’s actually been talk with my parents of having to move back home with the price of rent and adding an extra 400 dollar  bill every month,” said Carsten.

WCCB’s Emma Mondo spoke with author and student loan expert Mark Kantrowitz about what the future will look like for those having to start payments again.

“There will be chaos and confusion for the first couple of months because student loans have been out of sight out of mind for 42 months,” said Kantrowitz, “and when ever you start up payments after a period of not making any, its going to be a little bit challenging.”

Now, Carsten has to come up with a plan to make sure her $395 a month payment is made.

“It’s like, do I continue to feel like I never get anywhere paying them and struggle or do I move home and try and make bigger payments.”