Student borrowers will not have more time to pay their bills under the stimulus deal.
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Americans were already struggling with their student loans before the pandemic struck and increased unemployment, with more than one in four borrowers in arrears or in default. Outstanding student loans in the United States climbed to over $ 1.7 trillion, and the average monthly bill is around $ 400.
Reflecting the need for relief, the vast majority – around 90% – of student loan borrowers have taken advantage of the government’s option to suspend payments during the pandemic, The data shows.
In a recent Pew survey, 6 out of 10 borrowers said it would be difficult for them to start making payments again in the coming month.
This is a developing story. Please come back for updates.
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