Student Loan Payments Resume Soon, But Working Borrowers Aren’t Ready
On February 1, 2022, the relief student-loan borrowers have had since the start of the pandemic will be stripped away and they will be thrown back into repayment — whether they're ready or not.
And most of them are not.
The Student Debt Crisis Center, in partnership with Savi — a social impact technology startup — released the results of the fourth installment of the Student Debt x COVID-19 series on Wednesday examining the impact of the pandemic on student-loan borrowers. It found that although student-loan company communication to borrowers has improved since June, 89% of fully-employed borrowers say they do not feel financially secure enough to resume payments in a few months.
One in five of the respondents said they will never feel financially-secure enough to restart their student-loan payments.