How Were Student Loan Borrowers Affected by the Pandemic? An Essay for the Learning Curve
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| Title: | How Were Student Loan Borrowers Affected by the Pandemic? An Essay for the Learning Curve |
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| Language: | English |
| Authors: | Chingos, Matthew, Cohn, Jason, Urban Institute |
| Source: | Urban Institute. 2023. |
| Availability: | Urban Institute. 2100 M Street NW, Washington, DC 20037. Tel: 202-261-5687; Fax: 202-467-5775; Web site: http://www.urban.org |
| Peer Reviewed: | N |
| Page Count: | 11 |
| Publication Date: | 2023 |
| Sponsoring Agency: | Walton Family Foundation Bill and Melinda Gates Foundation |
| Document Type: | Reports - Research |
| Descriptors: | Loan Repayment, Student Financial Aid, COVID-19, Pandemics, Federal Legislation, Money Management, Debt (Financial), Income, Social Differences |
| Abstract: | The US Supreme Court will hear arguments next month about whether President Biden has the authority to forgive up to $20,000 in student debt for millions of borrowers. Part of the Biden administration's legal argument rests on the claim that borrowers as a group were made worse off financially by the pandemic. Urban Institute's analysis indicates that most borrowers are currently in a similar or stronger financial position than they were in 2019, but there are warning signs that many borrowers will be in a weaker position once the payment pause ends. Key findings from this report include: (1) Most borrowers said they were doing at least as well financially in 2021 as they were before the pandemic; (2) Credit records also show financial improvement; and (3) The role of the payment pause is unclear, as is what will happen when payments resume. |
| Abstractor: | ERIC |
| Entry Date: | 2023 |
| Accession Number: | ED629080 |
| Database: | ERIC |
| Abstract: | The US Supreme Court will hear arguments next month about whether President Biden has the authority to forgive up to $20,000 in student debt for millions of borrowers. Part of the Biden administration's legal argument rests on the claim that borrowers as a group were made worse off financially by the pandemic. Urban Institute's analysis indicates that most borrowers are currently in a similar or stronger financial position than they were in 2019, but there are warning signs that many borrowers will be in a weaker position once the payment pause ends. Key findings from this report include: (1) Most borrowers said they were doing at least as well financially in 2021 as they were before the pandemic; (2) Credit records also show financial improvement; and (3) The role of the payment pause is unclear, as is what will happen when payments resume. |
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