A Staggering Number Of Borrowers Missed Their First Payment On Student Loans Since Pandemic Freeze Ended

Nearly 40% of student loan borrowers missed their first payment this fall following the unfreezing of student loan debt payments by the Biden administration, according to Politico.

About 26% of borrowers that owed a payment in October 2019 failed to make a payment by the middle of November 2019, according to Politico. Of about 22 million borrowers who had payments due in October 2023, about 8.8 million did not make payments by the middle of November 2023. 

“While most borrowers have already made their first payment, others will need more time. 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,” Undersecretary of Education James Kvaal wrote in a blog post in Friday.