Well, this is not good.
According to new data from the Department of Education, only 60 percent of borrowers made a payment by the middle of November after the pandemic-era pause was ended, and 22 million people were required to care for their responsibilities.
In a blog post, the Education Department blamed it on former President Donald Trump and confused borrowers.
“More than 4 million of these borrowers owe payments for the first time. Millions more were not making payments prior to the payment pause because they were delinquent or obtained a deferment or forbearance,” the report stated.
“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.”
Retail sales data in the coming months should be interesting.
But then again, the data have generally topped forecasts this year. So, who knows?
Today, U.S. student loan debt is around $1.7 trillion.
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