Politico reports that nearly 40% of student loan borrowers missed their first payment this fall after a three-year pause.
About 8.8 million of the 22 million borrowers did not make their payments by mid-November. But the Department of Education doesn’t seem too worried, as Undersecretary James Kvaal said, “some are confused or overwhelmed about their options.”
This comes as the Department announced in June that borrowers who miss payments would not be reported to credit bureaus until Sept. 30 of next year.
Meanwhile, the Biden administration still boasts debt forgiveness for over 3.6 million borrowers.
A December White House Press release revealed over $100 billion being wiped away, despite the Supreme Court ruling against the president’s plans for a wider forgiveness program in June.