Student Loan Forbearance Has Had A Massive Impact On People’s Lives. It Ends In September.

Millions of people suddenly, if temporarily, found themselves freed of hundreds of dollars in monthly payments over the past year due to pandemic-related federal student loan forbearance. For many, it’s been their first taste of financial comfort since borrowing money to fund their education.

For the 43 million Americans with federal student loan debt, like myself, the reprieve from making monthly payments has not only afforded them small luxuries — a meal out, unnecessary personal care items, a new couch — but also meaningfully improved their quality of life. It has helped some people get closer to milestones that otherwise wouldn’t have been possible for years: paying off credit card and medical debt, saving for a down payment on a home, or starting a…