The Damage Report
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Student Loan Borrowers IN PANIC After Crushing Payments Officially Return
Posted
December 26, 2023
Views
14,967
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962
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9.37%
December 26, 2023
14,967
962
440
9.37%
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8:41Now PlayingStudent loan borrowers strike panic as new reports reveal 40 percent of the borrowers missed their first payments after three year COVID pause. John Iadarola and Yasmin Khan break it down on The Damage Report.
Read more here:
40 percent of student loan borrowers missed first payment since COVID pause, officials say
"Forty percent of student loan borrowers missed their first student loan payments since they were paused for three years due to the COVID-19 pandemic, the Department of Education said Friday.
In a blog post, U.S. Undersecretary of Education James Kvaal said 60 percent of student loan borrowers whose payments were due in October made them by mid-November. He said 22 million people had payments due in October, and over 4 million owed payments for the “first time.”
“While most borrowers have already made their first payment, others will need more time. Some are confused or overwhelmed about their options,” Kvall said. ”We want to make sure borrowers know that our top priority is to support student loan borrowers as they return to repayment.”"
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