Approximately 42 million Americans have federal student loans, collectively owing $1.73 trillion. With the end of the CARES Act on Jan. 31, borrowers will face increasing financial pressure as monthly payments resume.
In March 2020, Congress passed the CARES Act, not only pausing payments but setting interest rates on student loans to 0% and halting collections on defaulted student loans. The Department of Education estimates that this policy saved borrowers as much as $4.8 billion per month of accrued interest.
But as this period of relief ends, many workers — especially those in traditionally lower-paying jobs in the not-for-profit and public sectors — are looking to employers for assistance. According to financial services organization TIAA, 60% of those surveyed felt their employer is responsible for helping them with student loan debt.
“Our survey tells us that almost 95% of not-for-profit and public sector employees will experience at least some difficulty keeping up with the continuation of student loan payments,” says Snezana Zlatar, senior managing director and head of financial wellness, advice and innovation at TIAA. “People are feeling frustrated — they're feeling fearful, hopeless, angry and even ashamed of this burden they carry.”
TIAA found that 85% of respondents reported loan debt as a source of stress, and nearly half reported that they had to make a major life change, such as holding off on buying a home, due to continuation of loan payments. Because of...
[OSEN=Choi Lee-jung Reporter] As past remarks by singer Yang Hong-won expressing his dislike of infidelity resurface, reactions continue to grow that the recent 'motel infidelity allegations' agai...