the staff of the Ridgewood blog
Ridgewood NJ, the conclusion of the COVID-19 student loan payment pause has led to a significant rise in delinquencies among borrowers. According to the Federal Reserve Bank of New York, approximately 9.7 million student loan borrowers became past due on their payments following the expiration of the payment pause in September 2023.
During the pandemic, federal student loan payments were suspended, providing temporary relief to millions. However, with the resumption of payments, many borrowers have struggled to meet their obligations. By January 2024, about half of the borrowers in repayment were current on their loans, while nearly 30% were past due. GAO
The U.S. Department of Education has implemented measures to assist borrowers during this transition, including income-driven repayment plans and temporary forbearance options. Despite these efforts, the sharp increase in delinquencies underscores the financial challenges many borrowers face as they resume payments after the prolonged pause.
Experts advise borrowers to explore available repayment options and seek assistance if they anticipate difficulty in making payments. Staying informed and proactive can help mitigate the risk of delinquency and its potential impact on credit scores.
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No more free lunch on my dime
Put them all in jail
Free ride is over kids. You will value your degree more when you pay for it.
Only 10-20% of our students really NEED college. Doctors, engineers, and the like. Parents, please think about blowing all that cash on nonsense courses. You know I’m right.