Major student loan change from White House may impact your debt
Borrowers will need to resume payments again after a five-year pause.
Student loan debt has become a mounting issue over the past several decades, as tuition prices rose exponentially. Young Americans enrolling in college began applying for six-figure loans to cover the cost of education, but many found it difficult to pay down the principal with competitive job markets and a rising cost of living.
These compounding challenges have increased student loan delinquencies, with some borrowers opting to temporarily defer their loan payments.