WACO, Texas — After a three-year pause, it's almost time to start paying back student loans.
For those who might be getting cold feet about handing over their cash, it could end up costing borrowers even more in the long run.
Student loan interest started accruing September 1, and now that payments will be due in October, borrowers are having to plan according to their budget.
“I think the plan is paying it off in increments,” a local Baylor student said.
Students at Baylor University aren’t just worried about studying, they've also got the weight of student loans on their shoulders.
“I am working to kind of afford to be here, so I would probably have to get more hours,” said Baylor sophomore, Iyona Chandler.
Chandler, a first-generation student, is expecting to have $40,000 in loans by graduation. She hopes to have some, or all, of her debt erased in the future.
“I’m hoping that maybe like a forgiveness plan for education would be able to come in handy for the future," Chandler said.
Local economist, Ray Perryman, suggests that anyone who has loans shouldn't put them on the back burner.
“You voluntarily chose to do that in order to get an education to better yourself and raise your income," Perryman said.
"Paying back the money that you borrowed isn’t some big penalty."
However, for seniors like Lauren Lee, it starts with planning ahead. She says she can repay her $60,000 in loans within 10 years after graduation.
“When I do get a job, [I'll be] taking a percentage of the paycheck and then using that to repay my loans, and then, however much it takes,” Lee said.
For anyone who might be struggling to pay off their student loans, Perryman says there are several options for repayment.
“It your circumstances have changed, there’s ways to restructure the loans if you want to go to an alternative lender," Perryman said.
"There are still some forgiveness and forbearance programs out there."
Perryman says every loan is different, which means there are different options and different ways that borrowers can begin repayment.
