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U.S. Student loan debt statistics you should know in 2023

Credit Corp

million Americans have student loan debt, which totals over $1.7 If you owe tens of thousands of dollars in student loan debt, you’re not alone. million Americans have some form of federal or private student loan debt. Not only can you not declare bankruptcy on many forms of student loan debt, but it can also harm your credit.

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Congress Passes Relief for Student Loan Borrowers in CARES Act

Titan Consulting

Congress recently passed legislation in the CARES act that provides direct and indirect benefits to Federal Student Loan borrowers. Benefits include a suspension of payments, no negative credit reporting, no collection activity, and no accrual if interest until September 30, 2020. Help Available for Borrowers with Student Loans.

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Pros and Cons of Income-Driven Student Loan Repayment Plans

Credit Corp

Student loans are by far some of the biggest issues most students are facing today when it comes to finances. To get the kind of education you want, you will probably need to take out a student loan to pay for the studies – and then spend years if not decades paying back such loans. 1 Pro: Good for Unemployed Individuals.

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Inflation is driving up consumer credit card debt by billions of dollars

Collection Industry News

And another factor might make the increases more painful for some consumers: The pause on federal student loan payments ended Sept. Student loan balances have already begun accruing interest again, and soon, borrowers will be expected to start making regular payments.

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5 Key Provisions in the CFPB’s New COVID-19 Mortgage Servicing Final Rule

Burr Forman

The Consumer Financial Protection Bureau (“CFPB”) hopes that these provisions will prevent a new foreclosure crisis when the majority of existing foreclosure moratoria implemented by state and federal governments expire over the course of this summer.

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5 Key Provisions in the New COVID-19 Mortgage Servicing Rule

Burr Forman

The Consumer Financial Protection Bureau (“CFPB”) hopes that these provisions will prevent a new foreclosure crisis when the majority of existing foreclosure moratoria implemented by state and federal governments expire over the course of this summer.

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Q2 Industry Insights: Higher Monthly Expenses for Consumers, Regulatory Guidance for Financial Institutions

True Accord

The ending of various pandemic-era benefits including the pause on student loan payments will impact consumers in the coming months. The federal government has projected that about 15 million people will lose coverage , including nearly seven million people who are expected to be dropped despite still being eligible. 9%) to $17.05