Student loan grace period for borrowers ends Sept. 30

College education can cost thousands of dollars depending on if a student attends a public university, in-state, out-of-state, or a private institution. And that can mean financial implications for millions of Americans starting this week. Paying for college can add up and for many it means borrowing thousands of dollars. And this week the government programs designed to help student loan borrowers struggling with their payments ends. How concerned are you about paying it back? Extremely. Yeah, I just like worry how it's gonna affect me in the future and affect my credit. Sammy Stringer graduated in 2021 with a degree in ethnic studies and owes more than $12,000. The average student loan borrower owes more than $37,000 according to the National Center for Education Statistics. The Biden administration has already forgiven billions in student loan debt. But the proposal known as OnRamp allowed borrowers to ease their way back into repayment after more than a three-year pause by offering a 12-month grace period. But as a program ends it may be tough for many borrowers. I feel like the job market is just like really really difficult, really competitive right now. The last time student loan bills resumed fall of 2023, about 40% of borrowers missed their payments after being on hold. It starts tomorrow and I see like oh you need to start paying it but I just I really don't know what the future is gonna hold. You know I think I'm just planning on paying the minimum that I can because that's like all I can afford right now. While everyone's situation is different, paying back loans can weigh heavily on some but also provide lessons in finance. I've been trying to figure out how to pay them since 2021. The government advises former students to have a plan and they have some tools on their website. You can find that link on our website cbs8.com. Click on the help button. Elizabeth Sanchez, CBS 8.