40% of Student Loan Borrowers Miss First Payment Post-COVID

Biden Administration Delays Punishments, Forgives Billions in Student Loans Amid Repayment Challenges

40% of student loan borrowers missed their first repayment date in October, including four million borrowers who were required to start paying back their loans for the first time.
The Biden administration has delayed the harshest punishments for not making a payment through next September, which include delinquency, default, and mandatory collections.
President Joe Biden forgave just under $5 billion in student loans last week, which affected nearly 80,300 borrowers under the income-driven repayment forgiveness and Public Service Loan Forgiveness programs.
The Biden administration has forgiven a total of $132 billion in student loan debt for more than 3.6 million borrowers.
The Supreme Court stopped Biden's student loan forgiveness program in August, which would have forgiven up to $20,000 in student loan debt for eligible low- and middle-income borrowers.