How to Navigate Student Loan Repayment in 2024 | Student Loans and Advice
After three years of COVID-19 forbearance expired in October 2023, transitioning millions of Americans back into student loan repayment has been a logistical nightmare. More than 14 million borrowers had their loans transferred to a new servicer during the pandemic payment pause, according to the Consumer Financial Protection Bureau. Over four million borrowers were tasked with making payments for the very first time, per data from the Department of Education. All told, only about 60% of borrowers made federal student loan payments by mid-November, the Department says."While most borrowers have already made their first payment, others will need more time," writes U.S. Undersecretary of Education James Kvaal, in a recent blog post. "Some are confused or overwhelmed about their options."In ...
