How did the student loan payment pause impact Coloradans? From staving off homelessness to saving up for a wedding, these are their stories.
that Education Department officials told companies that manage federal student loans to hold off on alerting borrowers that payments are about to resume.
“We are concerned people are not going to be set for repayment,” said Kelsey Lesco, Colorado’s student loan ombudsman. On his income-based repayment plan, MacFerrin was making around $450 a month in student loan payments prior to the pause. His annual interest rate on the loan is 6.5%, and he owes more now than he did when he graduated, despite paying part of the balance down monthly.
The family, which had crammed into a small university housing apartment, moved into their new home in July. “I robbed Peter to pay Paul,” Polasek said. “I wouldn’t turn on my heat for a month and double up on my clothes so we’d wear two layers of clothing to keep warm so I could make a payment once in a while. I could pay about $50 a month, but they won’t accept that. I just don’t have the money.”
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