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.