“It’s really, really scary. We are going to be living on the brink,” one borrower said.
To get a better understanding of how borrowers are preparing for the resumption of payments, NBC News asked people across the country what kind of trade-offs they'll have to make to make ends meet. Six people shared plans to leave the career they went to school for, take on additional debt, spend down savings or cut back on leisure activities, among other sacrifices.
“There are a lot of us, a lot of people who took out loans are teachers,” said Abdi, who earned a bachelor’s degree in psychology and a master’s in teaching at the University of Southern California. “That’s why some teachers are leaving. Because they can’t afford their student loans on their teacher job.”
Keith Kruchten had been “incredibly hopeful” that Biden’s forgiveness plan would relieve him of $20,000 of debt, leaving him with only about $6,500 left to pay. “I’m 40 now and have no significant retirement savings and feel like I’ve done everything that you’re supposed to do along the way, that we’re taught as kids,” he said.Expected monthly payment: $240Rachel Gripp, a mother of four, said she owes about $21,000 in student loan debt, about 50% more than when she started because of interest.
Gripp said she tries to stay at home as much as she can to save on gas and can only offer her children free activities for the time being. She is hopeful she and her husband, who works in manufacturing, will be able to work overtime to do something special for the children come Christmas. Donohue said his wife recently retired from her job as a dental assistant, and while he retired after 20 years in customer service for AT&T, he still works part-time to bring in extra income.
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