Richelle Brooks’ budget is already tight. She doesn’t know what she’s going to do when federal student loan payments resume in the fall.
The single mother of two has seen all her expenses rise over the last few years amid high inflation. “I go grocery shopping and spend $300 or $400 for food that’ll last two weeks in my house,” said Brooks, 35. Her mother recently moved in with her because she doesn’t earn enough as an office manager to afford the rents in Los Angeles, where they live.
Although Brooks earns around $100,000 as a high school principal, her student loan balance is at nearly $240,000. She’s already calculated what her new payment will be.
“With an extra $600 a month, where is that going to come from?” Brooks said.