On November 13, the CFPB released findings from the 2023-2024 Student Loan Borrower Survey, which aimed to understand borrowers’ student loan repayment difficulties and demographics of those applying for and receiving loan forgiveness. The survey, which was conducted as federal student loan payments resumed post-pandemic, revealed that 63 percent of borrowers had trouble making payments, with 37 percent missing at least one payment. Additionally, the survey indicated that the Covid-19 payment forbearance provided meaningful relief to borrowers, with over 80 percent of borrowers reporting at least one positive impact, 63 percent reporting they paid down other debts, 49 percent reporting they saved or invested, and 40 percent reporting that the pause allowed them to make at least one major life decision such as starting a family or changing their job.
The survey highlighted that many borrowers lacked confidence in their ability to afford student loan payments after the pause ended. More than half stated they would need to save less, cut back on large purchases, or earn more money. Notably, 44 percent indicated they would have to cut back on essentials like food and medicine.
The findings also showed that while 85 percent of borrowers reached out for help, many struggled with accessing income-driven repayment plans. Specifically, 42 percent of borrowers were only ever on the standard repayment plan, and 31 percent of those were unaware they could choose a different plan. The survey also provided insights into debt relief, revealing that nearly 10 percent of federal student loan borrowers had received some form of loan discharge, cancellation or forgiveness.
