Nearly 30% of borrowers were past due on their student loan payments in January, highlighting the challenges returning to repayment after a three-year pause.
By the end of January, nearly 6.7 million borrowers had been shielded from negative credit reporting since monthly payments resumed, mitigating potential credit score damage.
The Education Department reported that a record 16 million borrowers made payments in January, maintaining a pre-pandemic level of borrowers making payments.
Critics, including Representative Foxx and Senator Cassidy, argue that the Biden administration's policies foster a culture of non-responsibility among borrowers regarding their repayment obligations.
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