Chicagoans brace for student loan payments to resume this fall

More than 1.6 million people in Illinois, or 1 in 10 residents, owe a total of $63.7 billion in outstanding federal student loans, and as the freeze on loan payments comes to an end, borrowers are concerned about the financial burden they will face in the coming months.

chicagotribune.com

Relevant topic timeline:

9/13/2023

Leftover 529 College Savings Can Pay Down $10K in Federal Student Loans

Borrowers with federal student debt can use their remaining funds in a 529 college savings plan to pay off up to $10,000 of their debt, providing a potentially appealing option as student loan bills are set to resume in October.

9/17/2023

Women Bear Brunt of Student Debt Crisis as Gender Pay Gap Persists

Women, who hold two-thirds of the $1.7 trillion federal student loan debt in the US, face a greater struggle with loan repayment due to lower earnings and the gender pay gap, which will become more evident as borrowers resume loan repayments after a pandemic pause, exacerbating their financial burden.

9/21/2023

Borrowers Hit Snags With Student Loan Servicer Despite Being Approved For Debt Relief

Hundreds of thousands of borrowers in the US are set to receive at least $6 billion in student loan forgiveness, but a major loan servicer is being accused of violating the terms of the agreement, adding to the ongoing issues faced by borrowers as student loan payments resume.