Mounting student loan debt can leave borrowers feeling trapped and helpless. So, for many, the repayment pause gave them new freedom to decide how they would spend and save their money.
The most recent pause extension is set to expire Aug. 31.David Ormsby remembers the stress of trying to make ends meet as he juggled repaying his student loans and paying for child and living expenses.
Ormsby, who said he has nearly $90,000 in federal student loan debt, called the pause a"welcome relief, especially during Covid." It enabled him to put some money toward lowering his debt and saving for retirement, he said.David Ormsby and his wife, Nancy, attend a Debt Collective protest in Washington, DC.
"Between now and August 31, either going to be extended or we're going to make a decision, as Ron referenced, about canceling student debt," Psaki said., which is set to expire Aug. 31. "There was no other option," he said."I needed a graduate degree to go into a lot of the fields that I wanted to go into."
After graduating from Flagler College in 2015, Briana Lagos of Cincinnati, Ohio, said it was kind of hard for her to manage repaying her federal student loan debt of about $20,000.
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