Posted 12/18/2023, 4:17:00 PM
Millions of Student Loan Borrowers Miss Payments Despite Relief Measures
- Nearly 9 million borrowers, 40% of those entering repayment, missed October payments
- Borrowers taking advantage of 12-month "on-ramp" before facing consequences for nonpayment
- On-ramp means missed payments won't be reported or trigger collections until Sept 2024
- Department says new income-driven repayment plan will bring relief when fully implemented
- Despite relief measures, borrowers struggling with repayment restart; servicers cite funding constraints