Why Borrowers Matter, State by State
By The Student Borrower Protection Center | March 23, 2020
More than 45 million people across every state in the nation are dealing with student loans. Over the last decade, outstanding student loan debt has doubled, forcing all Americans to deal with the economic fallout. Even during years of economic growth, millions of student loan borrowers struggled. In fact, every 26 seconds, another borrower defaults on a federal student loan.
With the coronavirus pandemic threatening the financial security of all Americans, student loan borrowers who are already struggling with debt will face even greater challenges.
As federal and state policymakers think about who will be hit hardest by the impending economic fall out, they cannot lose sight of student loan borrowers. Today the Student Borrower Protection Center released a snapshot of state-by-state statistics on student loan debt. This data should be front and center as policymakers consider actions to protect Americans from the economic effects of the global coronavirus pandemic. It is vital that any relief measures being considered to support Americans during the pandemic include relief for student loan borrowers.