Student loan payments are set to restart in October and 57 percent of borrowers say they need to make more money to comfortably afford their monthly payments, according to aNerdWallet Personal Finance Expert Kimberly Palmer and Bipartisan Policy Center Economic Policy Project Director Rachel Snyderman join Yahoo Finance Live to discuss the impact of student loan repayment on borrowers.
Palmer says the survey found borrowers to be under financial pressure and “even confused because we’ve had such a long break.” She states that in the three-and-a-half-year payment pause, Americans spent on essentials like food and housing, and “now suddenly, people have to find a way to start making those payments.”
Snyderman calls the student loan crisis “the symptom and not the disease” found in the educational system. “We really do need to look at commonsense solutions… to really put the focus on accessibility and accountability,” Snyderman says, so that students feel like “there is a bang for their buck in making such a tremendous investment.”
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