Photo by Gage Skidmore
BARNSTABLE – The decision by the U.S. Supreme Court to deny the Biden administration’s student loan repayment plan is forcing millions of borrowers to prepare for the return of monthly payments.
With the increasing inflation and interest rates already affecting the country, the ruling will change the way citizens with loan debt view their finances once again.
“The ruling will certainly impact monthly budgets and personal spending,” said Donald Kerr, Director of Student Lending and College Services at AAA Northeast Bank.
“Interest will begin accumulating on student debt on September 1, and first payments will be due in October. Now is the time to plan for repayment,” Kerr said.
Officials are urging individuals with student loans to make sure the company holding the loan has your current contact information including e-mail, phone, and mailing address.
They also suggest creating an online account with your lender if you do not already have one, and make sure you budget correctly while taking advantage of auto payment options to ensure you stay on track and build a positive credit history.
Anyone with questions can visit the repayment section at their website or call the company that manages your student loan directly.
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