RALEIGH, N.C. – Student loan payments have officially resumed, and for many, so has the stress of working to pay off years of tuition.
Buka Onwuagba joined some 37 million other people in resuming student loan payments in October. He said Onwugba is more than $35,000 in debt and just looking at the numbers can be overwhelming.
The White House announced Wednesday that it would forgive more than 800,000 student loans. Borrowers will receive an email notifying them that their debt has been canceled, officials said.
It is unclear whether Onwagba is included in this 813,000 population.
While Buka Onwuagba hopes to enter the music industry one day, he works as a payment processor for the Ministry of Revenue because it is a stable job. (Spectrum News 1/Rachel Boyd)
“If you stress that you can’t take time off because it’s $35,000,” Onwugba said. “I just keep chipping away and chipping away.”
Student loan payments have been on hold for much of the pandemic, and many people, including Onwuagba, have found a glimmer of hope in the mention of possible debt forgiveness.
“This is a letter from the Federal Student Loan Office or the U.S. Department of Education. So far, they have sent me several letters, two letters. So they are now sending me very ‘It’s time to start paying,”’ Onwugba said.
According to Forbes magazine, more than half of students drop out of school with debt, and the average student loan balance in North Carolina is more than $36,000.
“Here I am in a state job, which I don’t really care about, but I can make money and it’s just my passion on the side,” Onwugba said. “I know I’ll pay it back eventually anyway.”
