Student loan borrowers in the U.S. are taking their time resuming repayments after the last pandemic-related pause expired late last year. Repayments were paused for borrowers of federal student loans from mid-March 2020, when the COVID pandemic began, and remained in effect until Sept. 1, 2023, 3½ years after the repayment pause began.
The data showed that 42.8 million recipients of federal student loans owed a total of $1.62 trillion in debt as of the end of March. The number of recipients declined to its lowest level since the third quarter of 2022 amid President Biden's student loan handout plans that have sought to cancel or reduce outstanding balances for borrowers.
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