During the pandemic, federal student loan borrowers got a reprieve from paying their debt month after month. But now that President Biden's student loan forgiveness plan has been shut down, millions of borrowers will have to start repaying their student debt come October. And that means a lot of people will have to make adjustments to their spending to allow for those payments.

But while student loan borrowers are getting a reasonable heads-up about their payments resuming, it may not be enough. The Consumer Financial Protection Bureau reports that a good 20% of student loan borrowers have risk factors that suggest they could struggle to keep up with their payments once they're required to do so. And that could lead to a world of financial hurt.

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The dangers of falling behind on student debt

Not keeping up with federal student loan payments could have severe consequences. First, any time consumers fall behind on debt obligations, that negative activity is reported to the credit bureaus. The result? A decline in credit scores. And a lower credit score can easily result in a borrower being denied credit, or denied credit at an affordable borrowing rate when that need arises.

But credit score damage aside, not repaying student loans could also result in wage garnishment. That could be downright catastrophic.

What to do if you're worried about repaying your student debt

If you're concerned that you won't be able to manage your student loan payments once they begin coming due, first and foremost, do what you can to drum up extra cash in the coming weeks. That could mean slashing your non-essential spending between now and October and boosting your income with a side job.

Additionally, take a look at your repayment plan options and see if there's a plan out there that will result in lower monthly payments. If you don't earn a very high wage and you're currently on the standard repayment plan, switching over to one that's income-driven could make your monthly payments more affordable.

You can also apply to put your student loans into forbearance. During forbearance, you hit pause on your student loan payments for a period of time, during which you're not considered delinquent. This means you won't have to worry about the government coming after a portion of your paycheck due to you not making your student loan payments.

However, you should know that you'll generally need to meet certain criteria for this option to be on the table. But if you're experiencing a financial hardship due to a recent medical event or negative change in your income, then it may be worth looking into.

Many student loan borrowers were no doubt hoping to have their debt wiped out. But as of now, that option does not seem to on the table. As such, it's important to acknowledge that in a few short months, you'll likely have to start making your student loan payments. Taking steps to make them more management could save you a world of heartache.