Melissa Korn
speaker
822 appearances
14 recordings
1 series
first heard Sep 2017
last heard Sep 2024
Melissa Korn’s voice in public audio — every appearance, attributed to the second.
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On a personal level, that's about an average $400 a month per borrower.
I think it would be hard to overstate the impact.
It's been a big relief for a lot of borrowers from all walks of life.
So the numbers the federal government has that it saved borrowers about $5 billion a month.
in payments that they would have had to make.
On a personal level, that's about an average $400 a month per borrower.
Those are payments that they're not making right now.
Interest is not accruing on the debt, so there's a difference between not having to pay right now and not having to pay and also not going further into debt.
So the overall loan balance is not increasing during this time.
And some people have described it, some borrowers have described it as kind of feeling a little bit freer than they had in a very long time.
Yeah, so for a lot of them, it's been a chance to kind of catch up on other costs.
So for some, it's paying off other debt, right, paying down credit cards that they had owed money on.
I spoke to one person who felt she was able to switch jobs to something that during the pandemic she felt was safer.
Rather than working in a hospital setting, she could work, do virtual therapy, counseling sessions, but the money that she would have paid for her student loans is now covering her health insurance for that job.
She can finally put a little bit of money into a retirement account that she'd never been able to do before.
I had one person who was able to buy a house and the money that he saved up over 18 months went to the down payment and he would not have had that otherwise.
There are some people who are saying, yes, I probably could still continue to make the payments, but gosh, it's nice to have that cash in my pocket right now instead.
Absolutely.
There are a lot of different ways of repaying student loans, whether it's kind of a traditional 10-year, make fairly large payments each month, or income-based repayment programs where you pay a certain percent of your income.
Sometimes, though, you're only covering interest with those payments.
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