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Fifty-five percent of families said they plan to take out student loans this year, according to a recent survey by College Ave Student Loans, a provider of private student loans. Of those families, slightly more than half say they expect to borrow $10,000 to $40,000 in loans, while 23% say they plan to borrow $75,000 or more, according to the study.
This week, President Joe Biden extended those protections through Sept. 30 via executive action.
Biden is also among those who have called for more comprehensive reform to address the nearly $1.6 trillion student loan debt crisis, expressing support for canceling $10,000 of federal student loan debt per borrower.
More progressive legislators want to go further.
What’s an indebted student or graduate to make of all this?
There are several types of student loans and student loan payment plans, and each person’s financial circumstance is different. Before making any decisions about changes to your student loan repayment strategy, experts advise consulting with a nonprofit financial counseling organization.