Over 1 in 3 Americans with student loans aren't making any repayments — and are counting on debt forgiveness to solve money woes. Here’s 3 alternative ways to kick your debt to the curb

But since repayment resumed this past October, you’d think more people would have gotten back to repaying student loans again.

However, data from a Civic Science student loan study revealed that more than one-third of Americans are saying they don’t plan on making any repayments — a number that increases to 50% for lower-income respondents who are making less than $25,000 annually.

The study also highlighted that, since the repayments resumed last October, only 33% of Americans have actually resumed regular payments of their student loans.

However, there are other ways to tackle your student loan debt.

Is it safe to rely on the SAVE Plan?

Student loan forgiveness has been a contentious, hot-button issue in U.S. politics for years and now many people are counting on it.

To put this into perspective, more than 50% of borrowers are seeking — or receiving — loan forgiveness. To break it down further, 18% have already received forgiveness on one or more loans, while 21% are waiting on approval. In addition, another 22% are likely to apply for student loan forgiveness, according to the Civic Science study.

The Biden-Harris administration’s SAVE Plan promises a clearer path to student loan forgiveness.

It’s an income-driven repayment (IDR) plan, meaning that your monthly payments are commensurate with your income. It’s something that nearly one-in-two borrowers are already enrolled in or plan to enroll in.

As a SAVE Plan borrower, if you’ve already made payments for at least 10 years, and you originally took out $12,000 or less to pay for college, enrollment in the plan means forgiveness of your remaining balance. For every additional $1,000 you initially borrowed over $12,000, a borrower receives forgiveness after an additional year of payments.

In addition, all borrowers on the SAVE Plan receive forgiveness after 20 or 25 years of payments depending on whether they have loans for graduate school, regardless of their remaining outstanding balance.

But what happens if you don’t repay your student loans at all? This can result in defaulting on your loans, which will wreak havoc on your finances and negatively impact your credit score.