Student loan payments are starting up again after a three-year pause. Payments were paused for many borrowers during the pandemic, but starting Sunday, over 45-million student loan accounts will be active again. The average borrower owes around 29-thousand dollars, and most of that debt is held by the federal government. The Biden administration says the normal consequences for missing payments will not be enacted until October of next year, meaning borrowers will not have their wages garnished or be referred to debt collectors. Missed payments, however, could still hurt a borrower’s credit score.
***Courtesy of Total Traffic News***
