In January, tens of millions of Americans will have to resume making payments on their federal

Image Source: Google

student loans, but are they prepared? People who make less than $125,000 (or $250,000 for families)

Image Source: Google

a year would be eligible for a $10,000 federal student loan forgiveness, according to President Joe Biden's announcement

Image Source: Google

last week. Recipients of Pell Grants will be qualified for a $20,000 cancellation. Repayments are halted for

Image Source: Google

everyone else or for individuals who may still owe money on student loans following cancellation until December 31.

Image Source: Google

(including this pause to yearend, repayments will have been suspended seven times since March 2020).

Image Source: Google

Borrowers won't have had to make a payment in almost three years by the time payments start up

Image Source: Google

again on January 1. These consumers already have to deal with rising interest rates and inflation that is

Image Source: Google

at a nearly 40-year high and has hurt their purchasing power. According to Kristen Carlisle, general manager of money

Image Source: Google

manager and online financial advisor Betterment at Work, "we can't lose sight of the fact that there will

Image Source: Google

still be huge sums of outstanding student loan debt across the country." In addition, Biden's idea for forgiving

Image Source: Google

debts is still merely a draught that will be published in the Federal Register and be subject to 30 days of public comment.

Image Source: Google