Financial footprint of student loan debt

Surveys show student loans are a massive financial impediment for many. A recent Biden administration proposal to reduce or forgive some debt would help a small portion of borrowers. Surveys leading up to the payment resumption showed that many, especially those who had never budgeted for payments, had little to no idea how they would be able to begin making payments. Many people are confused, and others are angry that their loans are unlikely to be canceled, said Laurel Taylor, CEO of Candidly, a financial wellness platform. About 40 percent of borrowers didn’t start making payments after the pause lifted in September, she noted. Some may be hoping that their loans will eventually be forgiven, and that any payments they make now would effectively be going nowhere. Read more >>