PEORIA, Ill. (WMBD) — Student loans are set to restart in August after a 3-year pause due to the pandemic, regardless of how the Supreme Court rules on the Biden administration’s plan to forgive billions of dollars in student loan debt.
John Creekmur, President of Creekmur Wealth Advisors in Morton, said most borrowers will have to adjust their budgets when August rolls around.
“In that period of time, those $285 that people were not paying on their school loan, those dollars are not still in most budgets, as a matter of fact, they’ve been replaced simply because of inflation, the rising cost of goods and services, that’s actually increased our standard of living, it’s also increased our cost on basic necessities,” Creekmur said.
Creekmur also said to be sure to talk to a certified student loan planner if you have any questions regarding student loan payments restarting. He also says to be sure that you don’t spend more than you make.
