CFPB-PR-241113-2 (11-13-24)
CFPB Survey Reveals Impacts of Student Loan Debt Relief and Repayment Challenges – Debt relief recipients report being able to make beneficial changes in their lives; many borrowers still unaware of repayment options
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WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) issued its first results from its Student Loan Borrower Survey, providing insights into the effects of student loan debt relief programs and the challenges borrowers face in navigating repayment options. The survey (PDF 59-pages), conducted between October 2023 and January 2024, gathered data from a representative sample of student loan borrowers as the federal student loan payment pause ended and many borrowers returned to repayment. The report found nearly 61% of borrowers who received debt relief reported positive life changes. In addition, nearly 42% of federal student loan borrowers have only ever used the standard repayment plan, with many unaware of alternative options that could help lower their payments.
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CFPB-PR-241113-2 (11-13-24)