About 1 in every 5 people have student loan debt, and $1.6 trillion or 92% of it is federal debt, held by about 43 million borrowers.1 Soon after the pandemic started in April 2020, the federal government began providing relief measures for eligible student loans, including suspending loan payments, instating 0% interest rates and halting collections on defaulted loans. When the payment pause expires, borrowers will have to navigate the complexity of repayment options that can fit within their budget.
Edelman Financial Engines conducted a survey of 2,003 full-time employees who hold Federal student debt or a combination of Federal and private student-debt to better understand how a resumption of student debt payments would affect employees and employers.
1 Hahn, A., Tarver, J. (updated 2022, June 9). 2022 Student Loan Debt Statistics: Average Student Loan Debt. Forbes Advisor. Retrieved July 11, 2022, from forbes.com