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08-06-2023, 11:37 AM
By COLLIN BINKLEY
2 hours ago
WASHINGTON (AP) — In a good month, Celina Chanthanouvong has about US$200 left after rent, groceries and car insurance. That doesn’t factor in her student loans, which have been on hold since the start of the pandemic and are estimated to cost US$300 a month. The pause in repayment has been a lifeline keeping the 25-year-old afloat.
“I don’t even know where I would begin to budget that money,” said Chanthanouvong, who works in marketing in San Francisco.
Now, after more than three years, the lifeline is being pulled away.
More than 40 million Americans will be on the hook for federal student loan payments starting in late August
......
Without cancellation, the Education Department predicts borrowers will fall behind on their loans at historic rates.
......
“I worry that we’re going to see levels of default of new graduates that we’ve never seen before,” said Natalia Abrams, president of the nonprofit Student Debt Crisis Center.
Chanthanouvong earned a bachelor’s in sociology from the University of California-Merced in 2019. She couldn’t find a job for a year, leaving her to rely on odd jobs for income. She found a full-time job last year, but at US$70,000, her salary barely covers the cost of living in the Bay Area.
“I’m not going out. I don’t buy Starbucks every day. I’m cooking at home,” she said. “And sometimes, I don’t even have $100 after everything.”
Much more at: https://apnews.com/article/student-loan-...ea2c0bbfd5
2 hours ago
WASHINGTON (AP) — In a good month, Celina Chanthanouvong has about US$200 left after rent, groceries and car insurance. That doesn’t factor in her student loans, which have been on hold since the start of the pandemic and are estimated to cost US$300 a month. The pause in repayment has been a lifeline keeping the 25-year-old afloat.
“I don’t even know where I would begin to budget that money,” said Chanthanouvong, who works in marketing in San Francisco.
Now, after more than three years, the lifeline is being pulled away.
More than 40 million Americans will be on the hook for federal student loan payments starting in late August
......
Without cancellation, the Education Department predicts borrowers will fall behind on their loans at historic rates.
......
“I worry that we’re going to see levels of default of new graduates that we’ve never seen before,” said Natalia Abrams, president of the nonprofit Student Debt Crisis Center.
Chanthanouvong earned a bachelor’s in sociology from the University of California-Merced in 2019. She couldn’t find a job for a year, leaving her to rely on odd jobs for income. She found a full-time job last year, but at US$70,000, her salary barely covers the cost of living in the Bay Area.
“I’m not going out. I don’t buy Starbucks every day. I’m cooking at home,” she said. “And sometimes, I don’t even have $100 after everything.”
Much more at: https://apnews.com/article/student-loan-...ea2c0bbfd5
