The “will he, won’t he” summer of student debt cancellation is upon us.
The “he” is, of course, President Joe Biden.
Some 43 million borrowers are hanging onto hope that Biden will take executive action to relieve at least some of their collective $1.7 trillion debt.
Rumors fly on social media. The Department of Education says it will be ready whenever a cancellation happens. And the White House has been leaking potential details to the press.
“It comes up all day, every day from borrowers,” says Betsy Mayotte, president and founder of The Institute of Student Loan Advisors, a nonprofit. “They’re getting frustrated about the messaging.”
So what is Biden waiting for?
What’s happened so far
President Biden campaigned on the promise of student debt relief, but his commitment to delivering it wavered once he took office.
Biden at first asked Congress to send him student debt relief legislation — rather than acting on his own — despite the unlikelihood of such a proposal passing with a slim Democratic majority. But, in doing so, he raised questions concerning his legal authority to take executive action to cancel the debt. In addition, he said he would not support canceling debt for borrowers with an Ivy League education.
It seemed as if debt cancellation might remain a pipe dream of borrowers and activists.
But in recent months, Biden’s prior public resistance to canceling student debt through executive order has softened. Most hints from the White House lately have been about the timing and logistics rather than the legal mechanism.
So, will he? Most observers say yes. The real questions now are when, how much, and how many will benefit?
When?
Signs show borrowers could see a cancellation announcement as early as this summer.
Persis Yu, policy director and managing counsel at Student Borrower Protection Center, a nonprofit advocacy organization, says she thinks an announcement is likely before the federal payment pause ends after Aug. 31.
“We need to see some action before that happens so that we don’t have borrowers making payments on loans they don’t owe anymore,” says Yu. “Hopefully the White House is taking the time to make sure they’re getting it right.”
The White House is clearly in no hurry.
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Transgender woman using laptop in bed
On April 28, Biden told reporters he would have an answer on student debt cancellation “in a couple of weeks.” On May 3, Jen Psaki, former White House press secretary, said Biden was considering tying relief to a borrower’s income level. It seemed an announcement was imminent.
Then nothing happened.
The Washington Post reported on May 27 that Biden had hoped to announce cancellation during the University of Delaware commencement the following day but opted not to in light of the shooting at an elementary school in Uvalde, Texas, earlier that week.
By June 6, a White House leak to The Wall Street Journal pushed expectations to July or August. That would put an announcement closer to the anticipated restart of federal student loans on Sept. 1.
How much?
While campaigning in 2020, Biden promised to forgive $10,000 in federal student loans. Once he became president, the $10,000 number stuck, despite calls from some Democratic lawmakers to cancel $50,000. Biden has consistently rebuffed this higher figure throughout his presidency.
Recent White House leaks to the press suggest that $10,000 is the figure borrowers can expect.
How many will benefit?
The cancellation of $10,000 would likely wipe the slate clean for a potential 15.2 million borrowers, federal data shows. For 30.5 million others, $10,000 in cancellation would put them closer to repaying their debt, so long as interest doesn’t accumulate faster than they can repay.
The White House told The Washington Post in a May 27 article that it was debating limiting cancellation to borrowers who earned less than $150,000 in the prior year or less than $300,000 for borrowers who filed jointly.
Income limits complicate cancellation. Borrowers would have to consent to the Internal Revenue Service sharing their income information with the Department of Education. Otherwise, the Education Department won’t have access to it. This barrier to entry means borrowers could miss out on cancellation even if they’re eligible.
“I get why they are talking about means testing for it because it takes some of the political arguments off the table,” says Mayotte. “But it means borrowers will have to take some kind of action.”
What’s standing in the way?
Several moving parts could influence Biden’s decision to cancel debt (or not):
- The federal student loan payment pause is set to end on Aug. 31; economists say many borrowers aren’t prepared and another extension is possible, even likely.
- Midterm elections in November — and the calculus around political pushback.
- Aggressively rising inflation, which recently spurred the Federal Reserve to announce the highest interest rate hike in decades.
- Potential legal challenges to any cancellation. But it’s hard to tell whether that could impact delivery to borrowers. Yu, an attorney, says she is confident Biden has the legal authority to cancel the debt.
- Whether the Education Department and student loan servicers have the resources to take on a cancellation application process.
Biden has already forgiven some debt
It’s worth noting that the Biden administration has already canceled more student loan debt than any other presidential administration through targeted forgiveness programs: Roughly 1.3 million borrowers have already received around $25 billion in debt cancellation.
That includes:
- $6.8 billion for more than 113,000 public servants through a limited waiver for Public Service Loan Forgiveness that expires Oct. 31.
- $8.5 billion for more than 400,000 borrowers with a total and permanent disability.
- $7.9 billion for 690,000 borrowers whose institutions defrauded them or closed before they could get their degrees.
What borrowers can do while they wait
Unless you have $10,000 or less in student loan debt, you still have to consider what you’ll do when payments restart. Use the time while you wait to make a plan, which means contacting your servicer now to find out about repayment options. It’s unlikely that cancellation will change the amount you will pay each month.
If you work for a public service employer, now is also a good time to apply for the PSLF waiver, which would count previously ineligible payments toward the 120 needed for cancellation.
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Will this be the summer of student debt cancellation?
Canva
Gone are the days when learning how to balance a checkbook in home economics class was enough to prepare young people for financial responsibility—if there ever was a time when that was true. Financial literacy is an undeniably valuable tool for navigating an increasingly digital and data-driven world. Online banking and investing are ever more accessible, and dozens of financial apps can help users keep track of their credit scores, account balances, and budgets in real-time. But even with more tools available, income inequality continues to increase and student loan debt is valued at a record-shattering $1.7 trillion nationally.
Citing data from the Council for Economic Education, GoHenry looked at six types of laws mandating personal finance education across the country and outlined where every state stands on each.
Despite the fact that 83% of Americans believe parents are responsible for teaching their children about finances, very few actually talk to their kids about money, according to an April 2022 CNBC poll. In fact, 69% of parents report feeling reluctant to broach the topic of finances with their kids. Because of this discomfort around discussing money, many children and young adults only learn of these financial concepts for the first time in school. But the way schools cover personal finance varies depending on the state you live in, your school district, and how well-resourced your school is.
According to the Council of Economic Education, which publishes national standards for teaching personal finance, important topics to include in financial literacy courses are earning income, spending, saving, investing, managing credit, and managing risk. But only around half of states require personal finance topics to be covered in schools.
According to a 2021 Milken Institute report, the unevenness of the financial literacy landscape across the U.S. falls along racial, socioeconomic, and gender lines; populations historically excluded from financial stability and prosperity are also less likely to have access to personal finance education, perpetuating a cycle of disempowerment.
Bolstering financial literacy in schools is becoming an increasingly large priority for states and school districts across the country, and it’s one step in helping an individual understand financial fundamentals. But it alone is not enough to change the financial destinies of many young people. Systemic inequalities, frequently along racial lines, are sustained through intergenerational wealth and poverty. Having access to knowledge about personal finance, in other words, is not the same thing as having money. Conversely, strong social assistance programs, particularly during the COVID-19 pandemic, were shown to dramatically decrease poverty rates.
Read on to learn more about how financial literacy is taught in your state.
Canva
Gone are the days when learning how to balance a checkbook in home economics class was enough to prepare young people for financial responsibility—if there ever was a time when that was true. Financial literacy is an undeniably valuable tool for navigating an increasingly digital and data-driven world. Online banking and investing are ever more accessible, and dozens of financial apps can help users keep track of their credit scores, account balances, and budgets in real-time. But even with more tools available, income inequality continues to increase and student loan debt is valued at a record-shattering $1.7 trillion nationally.
Citing data from the Council for Economic Education, GoHenry looked at six types of laws mandating personal finance education across the country and outlined where every state stands on each.
Despite the fact that 83% of Americans believe parents are responsible for teaching their children about finances, very few actually talk to their kids about money, according to an April 2022 CNBC poll. In fact, 69% of parents report feeling reluctant to broach the topic of finances with their kids. Because of this discomfort around discussing money, many children and young adults only learn of these financial concepts for the first time in school. But the way schools cover personal finance varies depending on the state you live in, your school district, and how well-resourced your school is.
According to the Council of Economic Education, which publishes national standards for teaching personal finance, important topics to include in financial literacy courses are earning income, spending, saving, investing, managing credit, and managing risk. But only around half of states require personal finance topics to be covered in schools.
According to a 2021 Milken Institute report, the unevenness of the financial literacy landscape across the U.S. falls along racial, socioeconomic, and gender lines; populations historically excluded from financial stability and prosperity are also less likely to have access to personal finance education, perpetuating a cycle of disempowerment.
Bolstering financial literacy in schools is becoming an increasingly large priority for states and school districts across the country, and it’s one step in helping an individual understand financial fundamentals. But it alone is not enough to change the financial destinies of many young people. Systemic inequalities, frequently along racial lines, are sustained through intergenerational wealth and poverty. Having access to knowledge about personal finance, in other words, is not the same thing as having money. Conversely, strong social assistance programs, particularly during the COVID-19 pandemic, were shown to dramatically decrease poverty rates.
Read on to learn more about how financial literacy is taught in your state.
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Will this be the summer of student debt cancellation?
GoHenry
Most states offer standards for teaching personal finance in K-12 schools, and in most cases, these standards are reflective of the topics the CEE has laid out. This means if schools are mandated to abide by these standards, courses that include personal finance will cover similar topics across the nation.
Only three states do not have any standards for personal finance education in K-12 schools: California, Alaska, and Wyoming. In California, for instance, high school students are required to take a half-credit economic education course to graduate, but teaching personal finance topics within that course is merely suggested. Without state standards dictating if and how personal finance is taught in schools, financial literacy education is left to the discretion of individual California school districts.
This may not be the case for too much longer, however; in early 2022, a bill was proposed in California’s legislature that would solidify a state-standardized personal finance curriculum. In Alaska, meanwhile, no legislation is in the works to standardize its financial literacy education.
GoHenry
Most states offer standards for teaching personal finance in K-12 schools, and in most cases, these standards are reflective of the topics the CEE has laid out. This means if schools are mandated to abide by these standards, courses that include personal finance will cover similar topics across the nation.
Only three states do not have any standards for personal finance education in K-12 schools: California, Alaska, and Wyoming. In California, for instance, high school students are required to take a half-credit economic education course to graduate, but teaching personal finance topics within that course is merely suggested. Without state standards dictating if and how personal finance is taught in schools, financial literacy education is left to the discretion of individual California school districts.
This may not be the case for too much longer, however; in early 2022, a bill was proposed in California’s legislature that would solidify a state-standardized personal finance curriculum. In Alaska, meanwhile, no legislation is in the works to standardize its financial literacy education.
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Will this be the summer of student debt cancellation?
GoHenry
Though most states offer standards for how to teach personal finance, schools are not necessarily required to follow these standards. States like Washington, Florida, Massachusetts, and Kansas offer standards for financial literacy education but do not mandate that schools implement them—they exist as suggestions, rather than rules.
In Massachusetts, which has standards for personal finance education but does not require that schools follow them, issues can arise around the logistics of teaching financial literacy. A 2021 report from the Massachusetts Financial Literacy Task Force found a lack of resources or training for teachers, as well as a shortage of class time, funding, and vetted curricula, were significant obstacles to teaching personal financial literacy.
Pennsylvania’s standards for teaching personal finance are required to be implemented when courses are taught, but since no requirement exists for actually offering financial literacy courses, putting these standards into practice is still limited. The state’s legislature is currently developing a bill that would require students to take a financial literacy course for graduation.
GoHenry
Though most states offer standards for how to teach personal finance, schools are not necessarily required to follow these standards. States like Washington, Florida, Massachusetts, and Kansas offer standards for financial literacy education but do not mandate that schools implement them—they exist as suggestions, rather than rules.
In Massachusetts, which has standards for personal finance education but does not require that schools follow them, issues can arise around the logistics of teaching financial literacy. A 2021 report from the Massachusetts Financial Literacy Task Force found a lack of resources or training for teachers, as well as a shortage of class time, funding, and vetted curricula, were significant obstacles to teaching personal financial literacy.
Pennsylvania’s standards for teaching personal finance are required to be implemented when courses are taught, but since no requirement exists for actually offering financial literacy courses, putting these standards into practice is still limited. The state’s legislature is currently developing a bill that would require students to take a financial literacy course for graduation.
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Will this be the summer of student debt cancellation?
GoHenry
Roughly half of the U.S. requires financial literacy topics to be offered in schools, whether through a standalone course on the subject or combined with another course. While schools in these states must offer personal finance instruction to students, in theory, the consistency and accessibility of this type of education are hazy in practice.
In states that do not offer standards for teaching personal finance—or do not require schools to implement those standards—questions of what is being taught, and how extensively, are left to individual teachers and districts.
Additionally, some states call for financial literacy education to be integrated into existing courses. Personal finance topics are often tucked into subjects like math, civics, and social studies. But without designated curricula or designated teachers trained for financial literacy, these topics can seem like an afterthought.
In New York state, students are required to take a half-credit economics course to graduate. While some of the topics covered in this course are related to personal finance, it does not put an emphasis on topics like budgeting or building credit. Instead, it focuses on economic concepts more broadly. Currently, there are legislative efforts to create a required standalone personal finance course.
GoHenry
Roughly half of the U.S. requires financial literacy topics to be offered in schools, whether through a standalone course on the subject or combined with another course. While schools in these states must offer personal finance instruction to students, in theory, the consistency and accessibility of this type of education are hazy in practice.
In states that do not offer standards for teaching personal finance—or do not require schools to implement those standards—questions of what is being taught, and how extensively, are left to individual teachers and districts.
Additionally, some states call for financial literacy education to be integrated into existing courses. Personal finance topics are often tucked into subjects like math, civics, and social studies. But without designated curricula or designated teachers trained for financial literacy, these topics can seem like an afterthought.
In New York state, students are required to take a half-credit economics course to graduate. While some of the topics covered in this course are related to personal finance, it does not put an emphasis on topics like budgeting or building credit. Instead, it focuses on economic concepts more broadly. Currently, there are legislative efforts to create a required standalone personal finance course.
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Will this be the summer of student debt cancellation?
GoHenry
Despite being considered the “gold standard” of personal finance education, just nine states require students to take a standalone financial literacy course to graduate high school.
In recent years, due in part to the financial hardship exacerbated by the pandemic, more states have been introducing legislation that would create a required standalone personal finance course. In the past few years alone, Nebraska, Ohio, Mississippi, and North Carolina have passed legislation making financial literacy courses a graduation requirement.
While the length of the required course varies—some states require a full semester, while others mandate a half-semester—imposing a graduation requirement is one of the few ways experts say schools can ensure more equal access to financial literacy education. In states without a graduation requirement, socioeconomic inequities between districts can inhibit schools with fewer resources from teaching personal finance material.
Though the number of states requiring a standalone financial literacy course for graduation is relatively small, more states have introduced or passed legislation requiring personal finance education, whether as part of another class or as a project, before graduating. In 2021, Rhode Island passed a law requiring students to take a personal finance course or complete a project in order to graduate.
GoHenry
Despite being considered the “gold standard” of personal finance education, just nine states require students to take a standalone financial literacy course to graduate high school.
In recent years, due in part to the financial hardship exacerbated by the pandemic, more states have been introducing legislation that would create a required standalone personal finance course. In the past few years alone, Nebraska, Ohio, Mississippi, and North Carolina have passed legislation making financial literacy courses a graduation requirement.
While the length of the required course varies—some states require a full semester, while others mandate a half-semester—imposing a graduation requirement is one of the few ways experts say schools can ensure more equal access to financial literacy education. In states without a graduation requirement, socioeconomic inequities between districts can inhibit schools with fewer resources from teaching personal finance material.
Though the number of states requiring a standalone financial literacy course for graduation is relatively small, more states have introduced or passed legislation requiring personal finance education, whether as part of another class or as a project, before graduating. In 2021, Rhode Island passed a law requiring students to take a personal finance course or complete a project in order to graduate.
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Will this be the summer of student debt cancellation?
GoHenry
Only a handful of states have standardized tests for personal finance: Utah, Missouri, Colorado, and Michigan. The course material that’s tested varies between states but is consistent among school districts within each state.
In Utah, personal finance assessments are administered after students complete a financial literacy course, which covers topics ranging from how cultural, social, and emotional influences can affect financial behavior to more technical subjects like filling out tax forms and creating budgets. In Missouri, passing a personal finance assessment is required in order to graduate, unless students are enrolled in a standalone financial literacy course. The test includes topics about investing and the stock market, savings, and inflation.
GoHenry
Only a handful of states have standardized tests for personal finance: Utah, Missouri, Colorado, and Michigan. The course material that’s tested varies between states but is consistent among school districts within each state.
In Utah, personal finance assessments are administered after students complete a financial literacy course, which covers topics ranging from how cultural, social, and emotional influences can affect financial behavior to more technical subjects like filling out tax forms and creating budgets. In Missouri, passing a personal finance assessment is required in order to graduate, unless students are enrolled in a standalone financial literacy course. The test includes topics about investing and the stock market, savings, and inflation.
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Will this be the summer of student debt cancellation?
Canva
Ohio, Nebraska, Mississippi, Montana, Rhode Island, and New Mexico have all made significant moves in the development of their financial literacy education requirements since the onset of the pandemic. The past two years have brought increased awareness about the financial issues that young people face, including ballooning student debt and income inequality, unemployment, and recession. This, perhaps, is why a flurry of states have introduced legislation about personal finance education.
In New Mexico, new advancements include adopting personal finance education standards, requiring schools to implement these standards, and mandating that topics named in the standards be taken within another course in order to graduate. Montana also adopted personal finance education standards and requires schools to use them in shaping course material.
This story originally appeared on GoHenry and was produced and distributed in partnership with Stacker Studio.
Canva
Ohio, Nebraska, Mississippi, Montana, Rhode Island, and New Mexico have all made significant moves in the development of their financial literacy education requirements since the onset of the pandemic. The past two years have brought increased awareness about the financial issues that young people face, including ballooning student debt and income inequality, unemployment, and recession. This, perhaps, is why a flurry of states have introduced legislation about personal finance education.
In New Mexico, new advancements include adopting personal finance education standards, requiring schools to implement these standards, and mandating that topics named in the standards be taken within another course in order to graduate. Montana also adopted personal finance education standards and requires schools to use them in shaping course material.
This story originally appeared on GoHenry and was produced and distributed in partnership with Stacker Studio.
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About 2 million people are about to get a new student loan servicer. Here’s what you need to know
Srirat Pongcharoen // Shutterstock
Student loan debt has plagued college graduates for years, with current U.S. debt levels hitting a record-breaking $1.76 trillion. Nationwide, student loan debt decreased since the start of the pandemic, in part due to economic relief efforts such as the CARES Act. While there was a 2.7% increase in 2021 compared to 2020, this represents the lowest year-over-year increase in the last decade—even with the lengthy pause on federal student loan payments due to the COVID-19 pandemic. President Biden announced another extension for federal student loan borrowers until Aug. 31, 2022, to further provide relief.
Student loan debt plays a huge role in restricting financial freedom. Compared to other generations, more millennials have some form of student loan debt. Although they don't have the highest average debt compared to other generations like Gen Xers or baby boomers, about 14.8 million millennials still had some amount of student loan debt to repay, according to Education Data. It’s been one of the reasons why millennials have held off on big purchases such as buying a home; their aversion to debt precludes them from taking out additional loans, including mortgages.
Sound Dollar ranked the states with the highest percentage of student loan delinquencies using 2021 data from FRBNY Consumer Credit Panel/Equifax. States are sorted based on their proportion of student loan borrowers with accounts 90-plus days past due. The dataset also includes the overall total number of student loan borrowers in each state as well as the average student debt balance for each state. Both federal and private student loans are covered in this dataset.
Of all the states mentioned on this list, 10 out of 13 are located in the Southern region of the U.S. Student loan debt is also the second-highest consumer debt category, with mortgages being first. The Federal Reserve dataset lists the average student debt balance among borrowers across the U.S. as $36,200.
Srirat Pongcharoen // Shutterstock
Student loan debt has plagued college graduates for years, with current U.S. debt levels hitting a record-breaking $1.76 trillion. Nationwide, student loan debt decreased since the start of the pandemic, in part due to economic relief efforts such as the CARES Act. While there was a 2.7% increase in 2021 compared to 2020, this represents the lowest year-over-year increase in the last decade—even with the lengthy pause on federal student loan payments due to the COVID-19 pandemic. President Biden announced another extension for federal student loan borrowers until Aug. 31, 2022, to further provide relief.
Student loan debt plays a huge role in restricting financial freedom. Compared to other generations, more millennials have some form of student loan debt. Although they don't have the highest average debt compared to other generations like Gen Xers or baby boomers, about 14.8 million millennials still had some amount of student loan debt to repay, according to Education Data. It’s been one of the reasons why millennials have held off on big purchases such as buying a home; their aversion to debt precludes them from taking out additional loans, including mortgages.
Sound Dollar ranked the states with the highest percentage of student loan delinquencies using 2021 data from FRBNY Consumer Credit Panel/Equifax. States are sorted based on their proportion of student loan borrowers with accounts 90-plus days past due. The dataset also includes the overall total number of student loan borrowers in each state as well as the average student debt balance for each state. Both federal and private student loans are covered in this dataset.
Of all the states mentioned on this list, 10 out of 13 are located in the Southern region of the U.S. Student loan debt is also the second-highest consumer debt category, with mortgages being first. The Federal Reserve dataset lists the average student debt balance among borrowers across the U.S. as $36,200.
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About 2 million people are about to get a new student loan servicer. Here’s what you need to know
fizkes // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 373,900
- Average student debt balance: $32,400
fizkes // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 373,900
- Average student debt balance: $32,400
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About 2 million people are about to get a new student loan servicer. Here’s what you need to know
Mark Hayes // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 586,000
- Average student debt balance: $33,400
Mark Hayes // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 586,000
- Average student debt balance: $33,400
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About 2 million people are about to get a new student loan servicer. Here’s what you need to know
fizkes // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 614,900
- Average student debt balance: $37,500
fizkes // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 614,900
- Average student debt balance: $37,500
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About 2 million people are about to get a new student loan servicer. Here’s what you need to know
Robert Gebbie Photography // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 639,300
- Average student debt balance: $35,000
Robert Gebbie Photography // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 639,300
- Average student debt balance: $35,000
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About 2 million people are about to get a new student loan servicer. Here’s what you need to know
fizkes // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 748,800
- Average student debt balance: $37,200
fizkes // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 748,800
- Average student debt balance: $37,200
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About 2 million people are about to get a new student loan servicer. Here’s what you need to know
Chaay_Tee // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 867,800
- Average student debt balance: $36,200
Chaay_Tee // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 867,800
- Average student debt balance: $36,200
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About 2 million people are about to get a new student loan servicer. Here’s what you need to know
Damir Khabirov // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 926,500
- Average student debt balance: $32,900
Damir Khabirov // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 926,500
- Average student debt balance: $32,900
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About 2 million people are about to get a new student loan servicer. Here’s what you need to know
Oxanaso // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 1,639,600
- Average student debt balance: $41,600
Oxanaso // Shutterstock
- Delinquency rate: 9%
- Total number of borrowers: 1,639,600
- Average student debt balance: $41,600
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About 2 million people are about to get a new student loan servicer. Here’s what you need to know
Muk Photo // Shutterstock
- Delinquency rate: 10%
- Total number of borrowers: 215,900
- Average student debt balance: $32,500
Muk Photo // Shutterstock
- Delinquency rate: 10%
- Total number of borrowers: 215,900
- Average student debt balance: $32,500
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About 2 million people are about to get a new student loan servicer. Here’s what you need to know
Andreassolbakken // Shutterstock
- Delinquency rate: 10%
- Total number of borrowers: 217,700
- Average student debt balance: $34,400
Andreassolbakken // Shutterstock
- Delinquency rate: 10%
- Total number of borrowers: 217,700
- Average student debt balance: $34,400
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About 2 million people are about to get a new student loan servicer. Here’s what you need to know
wutzkohphoto // Shutterstock
- Delinquency rate: 10%
- Total number of borrowers: 346,200
- Average student debt balance: $35,800
wutzkohphoto // Shutterstock
- Delinquency rate: 10%
- Total number of borrowers: 346,200
- Average student debt balance: $35,800
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About 2 million people are about to get a new student loan servicer. Here’s what you need to know
Tero Vesalainen // Shutterstock
- Delinquency rate: 10%
- Total number of borrowers: 474,100
- Average student debt balance: $32,100
Tero Vesalainen // Shutterstock
- Delinquency rate: 10%
- Total number of borrowers: 474,100
- Average student debt balance: $32,100
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About 2 million people are about to get a new student loan servicer. Here’s what you need to know
Andrey_Popov // Shutterstock
- Delinquency rate: 11%
- Total number of borrowers: 417,600
- Average student debt balance: $37,500
This story originally appeared on Sound Dollar and was produced and distributed in partnership with Stacker Studio.
Andrey_Popov // Shutterstock
- Delinquency rate: 11%
- Total number of borrowers: 417,600
- Average student debt balance: $37,500
This story originally appeared on Sound Dollar and was produced and distributed in partnership with Stacker Studio.
