Array
After a nearly four-year moratorium on student loan repayments, the government restarted the program in October. The results were about as you would expect.
More than 40% of debtors didn’t make their first payment, according to the Department of Education. That’s a much higher rate of missing payments than during October of 2019. Just 26% of borrowers didn’t make a payment then.
The Education Department chose to look on the bright side.
“While most borrowers have already made their first payment, others will need more time,” James Kvaal, the undersecretary of education, said in a blog post explaining the new data on Friday. “Some are confused or overwhelmed about their options. We want to make sure borrowers know that our top priority is to support student loan borrowers as they return to repayment.”
Also, some are surely hoping that they won’t have to pay a dime given the administration’s efforts to end $1 trillion in student loan debt.
