Report Shows 40% of Student Loan Borrowers Not Making Payments

Education Department states that 9 million federal student loan borrowers missed their October payment. 

Federal student loan payments, that were suspended during the COVID-19 pandemic, resumed as of October 1. The Department of Education released a report that shows nearly 40 percent of the 22 million borrowers who had a payment due in October failed to make one by mid-November.

President Biden, who is still pursuing the goal of forgiving federal student loans, and his administration have taken action to cancel outstanding student debt after the Supreme Court struck down the president’s $400 billion in his student loan forgiveness plan in June. In a recent speech in Milwaukee, he said, “The Supreme Court ruled against me, but I still got 136 million people’s debt relieved.” 

Regarding the borrowers not making their payments, Under Secretary of Education James Kvaal wrote in the report, “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.”

As the Lord Leads, Pray with Us…

  • For the president and his administration as they pursue federal student loan relief plans.
  • For COO Richard Cordray as he oversees the Office of Federal Student Aid.
  • For the justices of the Supreme Court as they hear cases regarding government overreach.

Sources: CNN, Washington Examiner, Fox Business

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