Their surging student-loan payments are pushing them to slash their budgets and delay life milestones
From cutting back on groceries to delaying starting a family, student-loan borrowers describe the changes they're making to afford higher payments.
As student-loan borrowers face soaring monthly payments, many are tightening their budgets and delaying major life milestones. Cristian Barcenas, a full-time sales worker in California, saw his monthly payments jump from $105 to $815 under the Trump administration's new repayment plan. The 40-year-old and his wife have reduced their spending on Starbucks and food deliveries, shopping more carefully and cutting date nights to once a month.
Over 7 million borrowers received notices to transition off the SAVE repayment plan, with many considering additional income or dipping into retirement savings to cover higher bills. The Trump administration claims its changes aim to simplify the repayment system and curb excessive borrowing, but borrowers like Barcenas fear the higher payments will prioritize loan repayment over other financial goals.
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