The following article was originally posted on moneygeek.com and features commentary from Theresa Lowder, Director of Student Financial Aid at Berea College.
By: Ingrid Cruz
Collectively, Americans owe nearly $1.51 trillion in outstanding student loans. Owing over a trillion dollars can affect millennials and, most recently, Generation Z. In addition, people over the age of 60 are also struggling with student loan debt, according to a 2020 report by the Federal Reserve Bank of New York.
The average student loan borrower can expect payments from $200 to $300 per month. The coronavirus relief bill allowed for student loan repayment suspensions until September 30, but this was extended until December 31, 2020.
Understandably, people may be wondering what to do about repayment, particularly during uncertain economic times. The financial advice and expert insight in this guide have been compiled to help you formulate a plan to pay off your student loan debt.