Upon the U.S. Supreme Court’s rejection of President Joe Biden’s request for student debt forgiveness this summer and the conclusion of the COVID-19 student loan suspension, Indiana student loan payments will have to resume in October.
Student Loan Payments Of Indiana Hoosiers Will Resume Soon (Photo: Under Ground Shirts)
The Resume Of The Student Loan Payments Of Indiana Hoosiers
As per the report of Daily Journal, 14% of Hoosiers will need to start paying back their student loan payments. A bill introduced by Indiana Rep. Gregory W. Porter, D-Indianapolis, would have prevented the state from treating forgiven student loans as taxable income. No hearing was held for the bill.
With an average debt of $32,000, more than 900,000 Hoosiers are currently in some sort of student loan payments debt. Many Hoosiers will experience financial difficulty as a result of the impending start of student loan payments, Porter stated in a press release.
One of the Indiana residents who will be affected is Kate Honn, who is from Bargersville.
As the student loan payments moratorium comes to an end, she added, “I’m once again forced to think about those monthly payments coming out of my paycheck.”
Honn earned a secondary education degree from the University of Indianapolis in 2019 and had been making loan payments up until the student loan payments suspension. She owns a home and has a daughter who is 2 years old. Her student loans are repaid with around a third of her income.
“Being in debt for student loan payments has contributed to some financial hardship. With other obligations like car and house payments, just having a significant amount of debt and a modest starting salary causes me some problems with my finances, Honn added.
The Struggles Of Having Student Loan Payments
According to The State House File, the stress brought on the student debt repayment affects entire families as well as individuals. People who owe money on loans claim that having their debts forgiven would make it easier for them to get jobs, homes, and cars.
Nearly $2 trillion in student loan debt is held by over 43 million Americans. The majority will take decades to pay them off.
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