Minnesota Households Could Soon Face A New $393 Monthly Payment
As if price increases due to inflation weren't bad enough, thousands of households in Minnesota could soon be facing a new, nearly $400 payment each month.
Many of us here in Minnesota these days routinely have more month left at the end of the money, as our checkbooks have seen increasing prices on everything from gasoline to garbage collection and just about everything else in between, or so it seems.
And now, thousands of Minnesotans could be facing ANOTHER big monthly payment, as a key measure put in place during the beginning of the pandemic two years ago is now set to expire. According to this story from The Street, the pause in student loan debt repayments is set to expire at the end of August, and if no further action is taken, it could mean that many Minnesotans could have to stretch their finances to make another payment again each month.
And that payment could be a fairly big one, too: According to The Street, the average monthly student loan debt payment here in Minnesota and across the U.S. is $393-- a payment that has been put on pause since the pandemic started. The story noted that overall, 45 million Americans owe a collective $1.7 trillion in student loan debt.
The story went on to say that the moratorium on making student loan debt payments has already been extended several times, and President Biden is currently mulling plans that could either extend it again, or bring it back but at a smaller level. (For instance, one plan would forgive $10,000 worth of debt right off the top.)
This Forbes story says that the U.S. Education Department has a plan in place no matter what the president decides, and is ready to implement those new plans whenever he makes his decision. The story noted last week that while a final decision could 'come at any time,' it is definitely likely before the end of the month of August.
One household that won't have to worry about making those student loan payments again is the owners of the house below--because it's the most expensive home in America! Keep scrolling to see the pictures!