Almost half (45%) of student loan borrowers think they’ll default after payments resume in October

 

Nearly 37 million Americans will resume student loan payments this October after a 3+ year hiatus. Here are some Credit Karma & The Harris Poll results of how this might play out.

– 90% of student loan borrowers who will resume payments say they’ll need to adjust budgets to afford these resumed payments

– The image above is a breakdown of changes people say they need to make

– 45% of student loan borrowers say they expect to go delinquent on their student loans once forbearance ends in October

– 53% of student loan borrowers say they’re struggling to pay other bills (e.g. auto loan, mortgage, credit cards)

– This could explain why 37% say they haven’t saved money in anticipation of resuming student loan payments

– 44% of student loan borrowers don’t think the return on investment for higher education in America is worth the expense

– 75% of student loan borrowers support their families, whether that be paying for their food, clothes, rent or other bills

– October will mark the first time 36% of borrowers have ever had to make payments toward their student loans

Check out the link below for more stats on this Credit Karma survey.