28-year-old Kentucky physical therapist Fikret Sabic, for example, will have to start making student loan payments of $1,130 per month to satisfy the student loan obligation. This is nearly $300 more than he and his wife Emina are paying on their mortgage.
In total, Sabic is carrying around $94,000 in student debt from his undergraduate biology degree and doctorate of physical therapy, both from Western Kentucky University.
The pandemic pause on student loan payments helped the couple buy a home in 2020 for $207,000 with a 3.25% interest rate, less than half what borrowing costs are now. Sabic knew debt payments would restart at some point, and he and Emina have been preparing their budget, but they still expect it to be difficult. -Bloomberg
