Deadline approaching for resumption of student loan repayment

VIDEO: Student loan counselor gives advice on dealing with debt during pandemic

TULSA, Okla. — About 22 million Americans will have to start paying back their student loans at the start of the new year.

Student loan repayment will resume on Jan. 1.

In March, the federal government put a pause on student loan payments and accruing interest.

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On Dec. 31 that forbearance comes to an end for borrowers. It isn’t clear if Congress will pass some sort of stimulus before the end of the year.

A student loan counselor says the coronavirus pandemic has limited people’s ability to pay back what they owe, so it’s time for those with loan debt to talk to their lenders about repayment options.

President-elect Joe Biden is already calling for congress to forgive $10,000 of borrower’s student loans.

There are 45 million borrowers with nearly $1.7 trillion in student loan debt right now. The end of this moratorium is likely to disproportionately affect 87 percent of Black student borrowers, compared to 69 percent of white borrowers.