Child care costs, student loans squeeze families ahead of midterms

Parents and former students are feeling the burn from the costs of education ahead of midterm elections increasingly focused on affordability.  

From student loans to child care, education costs can take hundreds or thousands out of a budget for families already struggling with high gas prices and grocery bills.

The average student loan debt in the U.S. is around $43,000, with the average payment around $400 a month. 

“We hear the affordability crisis talked a lot about gas and inflation and cost of groceries, all incredibly important,” said Natalia Abrams, president of the Student Debt Crisis Center (SDCC).  

“But … having to pay your student loan debt, especially coming off the SAVE plan and seeing an increase of $500 or more on your student loan plan, that is a big part of the affordability crisis for Americans and student loan borrowers,” Abrams added. 

A poll from the SDCC found 65 percent of borrowers say they are cutting back on food, housing or healthcare costs to help afford their student loan payments.  

While student loans haven’t been a major campaign issue this cycle, the whole system has gotten a revamp over the past two years under the GOP White House and Congress.  

Federal loan limits have been imposed, repayment options are dwindling down to two and the most affordable repayment plan was axed under the Trump administration. 

And even borrowers who are........

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