Staggering Data on Student Loans Released
The Federal Reserve Board of Governors recently published an article showing that nearly 60 percent — roughly 11.5 million — of individuals with federal student loans have not made any payments during the pandemic-era freeze.
Former President Donald Trump implemented the federal student loan payment freeze in March 2020. President Joe Biden has extended it until August 31 of this year.
But the board warned that some of those 11.5 million borrowers might not be able to make any payments after the pause ends.
“These borrowers hold almost $400 billion in outstanding student loan debt and, prior to the pandemic, were required to pay about $2.8 billion a month toward their student loan debt,” they wrote.