| Title: |
How Were Student Loan Borrowers Affected by the Pandemic? An Essay for the Learning Curve |
| 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 |