Beyond the Minimum: Excess Student Loan Payments in Summer and Fall 2023

Abstract: We provided a view into borrower expectations for resumed payments on the eve of the student loan payment pause coming to an end in our previous report, which was the first in our series on student loan payments resumption. Our report showed that most borrowers successfully resumed payments and expected to continue being able to make payments through the end of 2023, but segments of the student borrower population have not resolved their repayment struggles despite available relief. The trends we identified in the data reflected any debt cancellation granted to borrowers in 2023, loan payoffs by borrowers, and scheduled monthly payment reductions as a result of the U.S. Department of Education’s newest income-driven repayment (IDR) plan: Saving on a Valuable Education (SAVE)

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Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Consumer Finance Institute Research Briefs and Special Reports

Publication Date: 2024-01-25

Pages: 8