HYANNIS – With student loan repayments set to resume later this year, local higher education officials say they are expecting to see effects on all corners of the nation’s industries.
Cape Cod Community College President John Cox said many have likely grown accustomed to lifestyles made possible without having to make payments, and it will likely cause challenges for many households.
“1.7 trillion dollars in student loan debt. That’s equivalent to $5 billion in loan payments every month. That’s going to be a serious impact on the economy,” said Cox.
Payments were suspended during the COVID-19 pandemic, but they will be due again come October for tens of millions of Americans.
“We’re going to see some pressure on many households across this country. I’m optimistic that this will still enable people to be energized to look at the community colleges as a strong possibility to continue their education,” Cox said.
The end of the repayment suspension comes as Massachusetts considers the new MassReconnect program, an initiative that would make community college free for adults 25 and older who do not already have a college credential.
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