Many Americans who used the pause on student loan payments to reduce debt may now have to reverse course, according to a recent Empower survey.
The additional payment may push 32% of Americans with student loan debt to take on more credit card debt at a time Besides taking on more debt, 38% of millennials and 49% of Gen Z said they were likely to consider moving in with roommates to absorb the additional cost of student loan payments, according to the survey. While 37% of Gen Z respondents also said they may have to trade in their car. to afford the payment.
"Anyone who's had a hefty expense removed from their budget can attest to the challenge of squeezing it back into their monthly cash flow," Empower said in its survey. "It can sting, and it requires tradeoffs. Such is the reality now faced by the 43.8 million federal student loan borrowers whose debt has been put on forbearance since early 2020 as part of pandemic-relief measures.
If you have private student loans, refinancing at a lower interest rate could help you reduce your monthly payments and repay your loans faster.
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