Student loan borrowers race to pay down debt as repayment freeze ends

Borrowers made record payments in recent weeks, repaying over $2 billion in one week compared to $400 million last year.
Some borrowers are trying to pay down balances before interest starts accruing again on their loans.
Increased payments may lead to less consumer spending, affecting the broader U.S. economy.
Other financial pressures like inflation and expiration of pandemic aid programs are also straining household budgets.
The repayment freeze is set to end on May 1st, requiring payments to resume for millions of borrowers.