Student loan repayments are resuming on October 1st, after a protracted legal battle led by the Biden administration. Interest on loans has already started accruing again.
Some economists have warned that this could slow down consumer spending, which has been surprisingly steady amid inflation. It also coincides with other hardships, like major strikes in Hollywood and for Detroit's Big Three automakers. Recent polling of Americans with student debt found that about a third said they would"maybe consider" not repaying their loans. A quarter reported they would"absolutely consider" not repaying
Although exact timing can vary, loans are generally considered"delinquent" the first day after missing a payment and then enter"default" months later. The federal government may also be able to order your employer to withhold pay and automatically put that toward servicing student debt.SEE MORE: Who qualifies for the latest student loan relief plan?
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