Americans claim they aren’t prepared to resume paying their federal student loan debt after a 3-year payment break.
Richelle Brooks, a principal at a high school and single parent of 2 who makes $100,000 annually, revealed to CNBC that she is currently living with her mother since she is unable to pay the expensive rates in Los Angeles. She is over $240,000 in debt from school loans, and she is unsure of how she will be able to pay it off in the coming months.
“Where the Heck is that supposed to originate from, with an additional $600 a month?” Added Brooks.
Although the Supreme Court is still debating the student loan forgiveness program, the Biden administration is prepared for payouts to restart by September. A typical consumer earned about $15,000 in student loan payouts as an outcome of the hold, according to higher education analyst Mark Kantrowitz, who spoke with CNBC.