The U.S. Supreme Court struck down President Biden’s student loan forgiveness plan earlier this summer calling for up to $10,000 in federal relief for borrowers who earn less than $125,000 per year.
That means that roughly 741,500 Wisconsin borrowers will need to start making payments on their student loans in October.
Earlier this month, the Milwaukee Journal Sentinel and USA TODAY NETWORK-Wisconsin asked readers about their upcoming student loan payment via Google form. We asked them to share how their student loan payments will impact their life and if they’ll need a second or third job to pay bills. More than a dozen readers responded, and even more via our Instagram. Most of the respondents live in the Milwaukee suburbs. Here’s what they said:
Several readers said they won’t be able to save for emergencies or retirement
“Student loans stop me from continuing my education and doing things that positively impact me. It’s also been terrible for my mental health,” wrote Dana Ganesh.
One reader said she has fallen behind on retirement savings thanks to substantial monthly loan payments.
Others said they’ll have to work several jobs or move in with family to afford payments
One reader commenter said they worked two jobs for several years just to make ends meet.
“I worked full time and had to move back in with my parents because I couldn’t afford rent and my student loan payments as well as other monthly dues,” said Jami Morschauser.
Some think college was worth the investment. Others, not so much.
“I don’t regret going to college but I regret how naïve I was about paying for school,” wrote Jami Morschauser.
One reader said they would have tried trade school or went for an associates degree, but their mother “forced” them to go to a four-year college program immediately after high school and take out loans to pay for it.
Some commenters urged others to work hard to pay off loans and only take out loans for tuition
“Take out only what you need for tuition,” wrote Scott Mittelsteadt.
“Don’t go into debt from school. Your future salary won’t support it,” wrote Dana Ganesh.
Tyrone Brown said that students should pay back the loans they agreed to.
“My advice would be don’t be afraid of the numbers and avoid them like I did. Take the time to look into all your options and don’t be afraid to ask questions,” wrote Jami Morschauser.
RELATED:When will you need to make a student loan payment, who is your loan servicer, and answers to other questions
Credit: Source link
