A program known as on-ramp allowed borrowers to ease their way back to paying their loan. Many are concerned about the program ending.

SAN DIEGO — A college education can cost students thousands of dollars depending on whether or not they attended a public institution, in-state or out-of-state or private university. 

The government programs designed to help student loan borrowers struggling with their payments during the pandemic end Monday, Sept. 30. That could mean major financial implications for millions of Americans starting this week.

Sammy Stringer graduated in 2021 with a degree in Ethnic Studies and owes more than $12,000.

Stringer says he is “extremely” concerned. 

“I just worry how it’s going to effect me in the future and effect my credit,” said Stringer.

According to the National Center for Education Statistics the average student loan borrower owes more than $37,000.

The Biden administration has already forgiven billions in student loan debt, but the proposal known as on-ramp allowed borrowers to ease their way back into repayment after more than three-year pause by offering a 12-month grace period. But as the program ends it may be tough for many borrowers.

“I feel like the job market is really, really difficult and competitive right now,” said Stringer.

The last time student loan bills resumed in the fall of 2023, about 40% of borrowers missed their payments after being on hold.

“I really don’t know what the future is going to hold. I think I’m just planning on paying the minimum because that’s all I can afford right now,” said Stringer.

While everyone’s situation is different, paying back loans can weigh heavily on some but also provide lessons in finance.

The government is offering to help borrowers come up with a plan to re-pay loans. 

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