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40% Of Student Loan Borrowers Haven’t Made Payments

US
  • Payments on federal student debt officially began in October but 40% of the 22 million borrowers who had bills due hadn’t made their payment by mid-November, according to Bloomberg reporting on data from the US Department of Education (see here).
  • It comes under a one-year leniency period rolled out by the Biden administration. “Under the plan — which started in October and ends Sept. 30, 2024 — borrowers who miss payments will not be considered delinquent, reported to credit bureaus or placed in default, although interest on the loans will still accrue. “

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