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40% of student loan borrowers miss initial payments after 3-year pandemic pause
Posted on December 26, 2023 |
After a 3-year pause due to the COVID-19 pandemic, 40% of student loan borrowers encountered difficulties with their initial payments.
Of the borrowers facing payments in October, 60% successfully made their payments by mid-November.
This affected 22 million individuals, with over 4 million experiencing payments for the first time.
Student loan payments resumed on October 1, and the Biden administration introduced a "12-month on-ramp" repayment program until the following October.
The ramp program is designed to offer leniency to borrowers, avoiding harsh penalties for those facing challenges during the initial repayment restart.
President recently announced $4.8 billion in student loan forgiveness for federal borrowers in public service roles.
This relief targets eligible borrowers who should have already qualified for the existing public service loan forgiveness program but faced delays due to administrative errors.
Ongoing efforts are in place to support student loan borrowers as they navigate the challenges of resuming payments, including relief programs and a focus on easing the repayment transition.