MACON, Ga. — Students at Mercer University come from all different walks of life, but many share something in common: student loans.
Federal student loan payments are supposed to resume in May after a break during the pandemic, but the Biden administration may extend the freeze for tens of millions of borrowers.
Ida Adams is a junior at the university. She has around $20,000 in student loan debt.
"I come from a really low-income family. I was raised by my grandparents. They're both on retirement and can't afford to pay for my college, so I kind of have to hustle on my own, get loans, do jobs -- I work two jobs,” Adams says.
She says the payment freeze is nice. It allows her to just focus on school, but she's worried what happens if the extension isn't given.
"I would try to pay it on time, but realistically, it would probably take a while,” she says. “I would probably be behind on a payment or something like that."
Gina Athakhanh still has three years of school left, but she’s already worried about being unable to pay her loans back, even with her parents' help.
"By the time I graduate, I'll probably be almost $100,000 in debt, since I have to take it out every year., especially when you're young, you're inexperienced,” she says, “It's really stressful, especially if your parents are helping you out and you feel guilty. It burdens them, it burdens you.”
Student loan payments have been delayed for the past two years, but the Mercer student loan office says that this is the perfect time to put on your thinking caps and do some research.
Monet Chapman is Mercer's Associate Director of Student Loans.
"I think students should take this time to fully be aware of their loans, they're not having to repay them. It's time to educate yourself and figure out where you need to go moving forward,” Chapman says.
Otherwise, you could get stuck paying for college when you're actually closer to retirement.
Chapman also thinks that now is the best time to keep paying your loans off while there is no interest being added on. There's no word on when we'll learn whether the interest freeze may get extended.