With all the stir surrounding the resumption of student loan payments this fall, Experian analyzed data going back to when the student loan pause began in March 2020 to determine
A mix of factors, including voluntary repayment and piecemeal forgiveness, has subtracted more than $150 billion from the total amount of outstanding student loan debt since 2020. Still, student loan borrowers are preparing to resume payments on balances that—perhaps anticlimactically—aren't much different from what they were three years ago.
But during that time, according to Experian data, since the repayment pause began, total student loan debt has dropped by just over 10% from $1.544 trillion in March 2020 to $1.388 trillion as of June 2023, just days after the Supreme Court's decision to disallow the Biden administration's plan. Meanwhile, some student loans that weren't part of the loan payment pause, such as private loans, continued to accrue interest. And recent graduates, although not yet making payments, will now have their own student loan balances to attend to shortly. Both add to overall student loan debt, even as others have had loans forgiven and still others paid down their loans.
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