Student loan borrowers stage ‘massive student debt strike’

It’s been three months since the federal government resumed student loan payments, but many borrowers have refused to pay a single penny.

  • 22 million borrowers had payments due in October, but only 13 million settled their bills. That means 40% of borrowers failed to make payments.
  • Before the pandemic, about one-quarter of student loan borrowers were dodging payments.

What has changed since the pandemic? Student loans went into forbearance in March 2020 just as Covid-era lockdowns forced millions out of work.

  • Since then, Americans have acquired a habit of not paying that debt, using the money to tackle other expenses like rent or grocery bills.

Click here to learn more.