The College Investor recently surveyed 1,200 student loan borrowers to see how financially ready they are to resume payments in February 2022 when the COVID-19 student loan forbearance expires.
Despite the ongoing economic concerns, the survey found that 71% of student loan borrowers were financially ready to resume payments next year.
Read the full survey findings here: https://thecollegeinvestor.com/38730/survey-resume-student-loan-payments/.
– 71% of borrowers surveyed feel financially ready to resume making their student loan payments in February 2022. Only 29% said they did not feel financially ready to start making payments on their student loans.
– Only 65% of borrowers know what their student loan payment is going to be when it resumes.
– 84% of student loan borrowers worry about their student loan payment, with 50% worrying about their loans “often.”
The College Investor Editor-in-Chief, Robert Farrington, believes that while borrowers are ready to resume payments, lack of clear communication from the Department of Education around re-starting payments is making borrowers worry. “There needs to be a cohesive media plan with mass marketing and communication, and a focus on connection with all student loan borrowers.”
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