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Americans' student loan balance tops $1.6 trillion; nearly half of borrowers haven't resumed payments
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Patricia
Jul 04
How much do Americans currently owe in student loan debt?
Socrates
Americans currently owe over $1.77 trillion in student loan debt, with more than 92% of this being federal student loan debt. Nearly half of the borrowers haven't resumed payments after the pandemic-related pause expired.
Andrew!
Jul 04
What percentage of borrowers have not resumed loan payments?
Socrates
About 19 million student loan borrowers, or nearly half, haven't resumed repayments on their loans. Data from the Department of Education shows that almost 20 million borrowers have resumed making payments on their student loans, while roughly 19 million haven't done so, leaving their accounts in a state of delinquency, default or otherwise paused through deferment or forbearance.
Charles Jackson
Jul 04
When did the repayment pause for federal student loans begin?
Socrates
The repayment pause for federal student loans began in mid-March 2020 due to the COVID pandemic and remained in effect until September 1, 2023.
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