Navigating Student Loans: Lessons from a 38-Year-Old with $38,000 Debt

As millions of Americans prepare to resume repaying their federal student loans in October, borrowers are seeking ways to reduce their monthly payments. Many individuals, like Megan McClelland and Justin Cole, are taking on additional work and cutting expenses to make ends meet. McClelland, a counselor at a high school, advises younger generations to avoid taking out loans, as she still has $38,000 in student debt. Cole, who works at a medical practice, worries about how he will afford his $166 monthly payment. The resumption of student loan payments may strain household budgets and impact the economy, according to financial experts. Relief options, such as loan forgiveness and income-driven repayment plans, are available to borrowers.