Student loan borrowers are pinning their financial futures on debt forgiveness

student debt protest poster
(Image credit: Jemal Countess / Stringer/ Getty Images)

With the return of student loan payments looming, federal loan borrowers are stuck in limbo as President Biden's debt forgiveness plan remains stalled in court. A recent survey has revealed that a majority of people with student loans feel like "their debt is standing between them and financial wellbeing," CNBC reports.

Fifty-three percent of the 1,009 federal student loan borrowers surveyed by Credit Karma said that their financial stability depends on their loans being forgiven. Pending a decision from the Supreme Court, the student loan repayment pause is expected to end sometime this summer, over three years after it was first implemented in response to the pandemic and following multiple extensions. "But for struggling borrowers," CNBC writes, "adding those payments back into their budget won't be easy."

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