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WTXL ABC 27 News
Debt ceiling ends student debt pause, local experts and students react
By Kendall Brandt,
The debt ceiling agreement will end the pause on federal student loan payments in August. The pause, put in place by the CARES act during the COVID-19 pandemic, suspended required payments for federal student loans.
TCC Director of Student Financial Services Bill Spiers said this relieved those with debt during the pandemic. However, he said the creating a new problem with students forgetting about payments.
"Students are very confused at this point and students are also frustrated because they honestly believed these payments would go away," Spiers said. "I told every student I saw 'do not believe payments will go away.'"
According to US News and World Report, 39% of FSU student and 81% of FAMU students borrowed during their time in school.
Florida State junior Skylar Larmel is debt-free but said this is a reality she sees. Larmel said many of her friends and peers struggle thinking about the payments they will make after college.
"The stress of student loans is something people are always thinking about tying into their financial situation every month after college, knowing okay I am going to have to pay my own rent, my own groceries, my own gas and it's just adding another thing on to the list," Larmel said.
The pause is still in effect, so payments will not be due on federal loans this month.