Federal student loan payments restarting Sunday
(NBC, KYMA/KECY) - Tens of millions of Americans with federal student loans will have to resume making payments starting Sunday.
About one out of every eight Americans owes money on student loans.
Borrowers have had a financial reprieve for more than three years as a pandemic-era repayment pause was extended multiple times.
But now, more than 40 million people must face a new reality amid nagging inflation and rising interest rates, and collectively, those borrowers owe approximately $1.6 trillion in student loans.
The Biden administration tried to cancel up to $20,000 in student debt for eligible borrowers. However, the program was struck down by the Supreme Court in June.
