What’s next for people with student loan debt?
Jul 2, 2023, 6:00 AM | Updated: 6:29 am
FILE - New graduates walk into the High Point Solutions Stadium before the start of the Rutgers University graduation ceremony in Piscataway Township, N.J., on May 13, 2018. The Supreme Court is about to hear arguments over President Joe Biden’s student debt relief plan. It's a plan that impacts millions of borrowers who could see their loans wiped away or reduced. (AP Photo/Seth Wenig, File)
(AP Photo/Seth Wenig, File)
SALT LAKE CITY — When President Joe Biden announced his student loan forgiveness program, millions of people believed they would no longer have to worry about their debt. Now that the Supreme Court has rejected this plan, Americans with student loans are now left to pay them off.
Deseret Mutual Benefit Administrators Certified Financial planner Shane Stewart spoke with KSL NewsRadio about what they should do now.
Start making the payments
Step one, Stewart said, is to get back into the rhythm of making these payments. For those who have their loans on pause, payments will pick back up on Sep. 1.
“Log back into whatever site it is that you were using to pay payments and reset your passwords,” he said. “Get ready to start paying those loans again.”
Stewart explained that it’s important to make a habit of paying off your loan. But just as important is the mental understanding of the long-term financial cost you may have to endure.
“Make sure that you have accepted the fact that psychologically but also practically, you’re going to have to find ways to start paying back your loans.”
How deep into dept should you go?
For Stewart, the root of the issue is not the loans themselves, it’s “how lacks we’ve become as a nation about being better consumers of higher education.”
He said the mindset of “it costs what it costs” can get people into trouble.
“You could probably get that education for much less and be a better consumer.”
Shop around for education that will help you with your higher education goals, he said, “but at a better price more affordable for your budget.”
