Now that President Biden's student loan forgiveness program isn't happening, federal student debtholders will have to gear up to start making monthly payments after a multiyear pause. And that's not going to be an easy thing to do -- especially at a time when inflation is still an issue and living costs remain elevated.

If you're on the hook for repaying student loans after an extended break, it's important to make sure you're equipped to handle those payments. That's because defaulting on that debt could have major consequences.

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Source Fool.com