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Student Loan Delinquency Rate Skyrockets As 4 Million Borrowers Are Behind

Delinquency rates for federal student loans have doubled since the resumption of payments after a pause, according to the U.S. Education Department.
Approximately four million federal student loan borrowers are currently struggling to make payments, as reported by The Washington Post.
Many borrowers are experiencing financial strain, with rising costs contributing to their challenges, as noted by experts and advocates.
If current trends continue, delayed payments could lead to a wave of defaults by late 2025, according to officials.

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KPVI

+15 Reposted by 15 other sources

Income-Driven Repayment Applications Shut Down, Student Loan Borrowers Left In the Dark

The U.S. Education Department took down the online and paper applications for all income-driven repayment (IDR) plans on Feb. 21, following the latest legal ruling in a lawsuit against the new IDR plan, Saving on a Valuable Education (SAVE). “A…

5 days ago

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Forbes

Student Loan Delinquency Rate Skyrockets As 4 Million Borrowers Are Behind

Millions of student loan borrowers are struggling to keep up with their monthly bills now that payments are required again.

5 days ago·United States

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Baller Alert

Department of Education Halts Applications for Student Loan Repayment Plans After Court Ruling

The Department of Education under the Trump administation has stopped accepting applications for certain income-driven repayment (IDR) plans after a federal court ruling blocked Biden’s SAVE Plan, along with parts of other repayment options. This means borrowers may see higher monthly payments, and those who had pending applications will no longer have them processed. On February 18, the 8th Circuit U.S. Court of Appeals issued an injunction pre…

5 days ago

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New Jersey Education Association

Student Debt Update - New Jersey Education Association

If you’re applying for an Income-Driven Repayment (IDR) Plan, be aware that the Department of Education has temporarily removed the online enrollment option from StudentAid.gov. This means processing times will be longer than usual — so plan ahead! With pandemic-era protections over, missing student loan payments now comes with serious consequences. Payments more than 30 days late can lower your credit score, and multiple missed payments could l…

5 days ago

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