A recent Pew Charitable Trusts survey reveals that over half of student loan borrowers feel financially insecure. The economic impact has led to substantial challenges, with 23% of borrowers missing loan payments since repayment resumed in October 2023. This issue is more pronounced among those experiencing financial instability, as 34% of insecure borrowers missed payments. Notably, many borrowers, even those who do not see themselves as financially insecure, find loan repayment stressful. The Education Department warns that nearly 25% may default on their loans soon, indicating a significant financial burden on borrowers.
Just over half of student loan borrowers consider themselves financially insecure, while about three-quarters said they had experienced adverse financial events like skipping a bill over the past year.
About 23 percent of respondents indicated they had missed some or all of their student loan payments since the repayments restarted, reflecting significant challenges faced by borrowers.
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