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Tip of the Week |
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July 21, 2021 |
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A different world |
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Life changed, and, before we knew it, we were accustomed to it. Working from home, wearing a mask, and not making student loan payments were all changes that we accepted – or welcomed, in some cases. Now, going back to the life we had pre-COVID may be somewhat of a challenge – especially when it comes to student loan payments. A report released last week by the Pew Charitable Trusts indicated that more than two-thirds of borrowers responding to a survey earlier in the spring said they would have difficulty making student loan payments if the moratorium were lifted the following month. In a separate survey, also conducted by Pew, many borrowers said they faced significant financial problems during the economic downturn caused by the pandemic. Borrowers will need assistance as they transition back into repayment, and the Pew Report offers some recommendations on what actions should be taken by the Department of Education, including reaching out to borrowers and streamlining paperwork. In addition, there is some discussion that the re-start of student loan repayment will be pushed back again possibly for a few months. Whether it's student loan repayment or the many other changes we've seen in the past year and a half, it doesn't seem that life can or will get back to a pre-pandemic normal. Things have changed, but so have we - hopefully, for the most part, better – more understanding, more accepting, and more helpful. Maybe that is what we need to become accustomed to.
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