Millions of student loans borrowed after restarting accounts: Fed

About 9.7 million student loans have become past in accounts after the pause of the payment era reports, reports new assessment The Federal Reserve Bank of the New York.

After the era of the era was stopped in September 2023, the Biden administration offered the borrower 12 months “on the ramp” for repayment. During this time, the borrowers were protected from most payments. Which Aid ended further September 30, 2024.

By the end of the extraordinary period of the New York Fed, the volume of federal student loans in the previous early state reached 15.6%, with debt more than $ 250 billion.

“According to these figures, it is reasonable to expect that the student loan offense will exceed the level of the previous pandemic if new offenses fall into credit,” the Fed said.

A new student loan offense may cause a borrower Credit account To lose more than 150 points, the Fed warns.

This is conducting the news. Please check the updates.