WASHINGTON (DC News Now) — Federal student loan repayments resumed Saturday, after a three-year pause born out of the pandemic; a move coming as most Americans live paycheck to paycheck according to Bankrate.

Banner Bank shares 5 steps to help recover from a financial setback:

  1. Worrying may make matters worse. Make a commitment to rebound and know your financial resources. Set a budget, curb certain spending like dining out and be consistent with your plan.
  2. Borrowers can consider seeking professional help from a counselor or local banker.
  3. People without enough money set aside can consider contacting their credit card company, explain their financial situation and loaners may offer a delayed payment deadline or varied interest rate.
  4. Borrowers can slash your monthly bills by considering refinancing or loan consolidation. Enrolling in autopay will save 0.25% on interest. Finding another repayment plan can offer lower monthly bills, including an income-driven plan, graduated plan, extended repayment plans and revised pay-as-you-earn plans.
  5. The US Department of Education also suggests using any tax refund you may receive for loan repayments.

Chances for forgiveness are given to public service workers which include teachers and certain non profit employees.