Nearly 9 Million Student Loan Borrowers Missed First Payment After Pause | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Mairead Elordi.

    Close to nine million people missed the first student loan payment they were supposed to make after the pandemic pause ended this fall, the Department of Education said Friday.

    That amounts to about 40% of the 22 million people who had student loan payments due in October. The nearly nine million borrowers had not made their payments by well into November.

    For comparison, less than 26% of borrowers missed their payment in October 2019, before the pandemic pause went into effect.

    The payment pause began in March 2020 in the thick of the COVID pandemic. It ended in October after more than three years.

    More than 28 million borrowers are supposed to be resuming payments, the department said in a release that took a "first look" at repayment data after the pause.

    "Some are confused or overwhelmed about their options. We want to make sure borrowers know that our top priority is to support student loan borrowers as they return to repayment," the Department of Education said.

    For the next year, the Biden administration has an "on-ramp" program to protect borrowers from the "harshest consequences" of missed payments such as delinquency, default, and mandatory collections.

    In June, the Supreme Court struck down President Biden's massive $430 billion student debt relief plan that would have forgiven 40 million people's loans.

    After the court's decision, Biden said he would "stop at nothing to find other ways to deliver relief to hard-working middle-class families."

    In an email to student loan holders, the administration even said the Supreme Court "got it wrong" on student debt.

    Biden has still managed to forgive up to $116 billion in student loans for more than 3.4 million people, the administration said in August.

    Another move the administration has taken is creating the Saving on a Valuable Education (SAVE) plan, which cuts monthly payments to $0 for millions of low-income borrowers.

    On Friday, the Education Department said that more than 5.5 million borrowers are already enrolled in the SAVE Plan, including 2.9 million who do not have to make any payments.

    Michael Burry, known for being among the first investors to predict the subprime mortgage crisis, called the lower repayment numbers a "red flag."


    "An overlooked warning of economic stress?" Burry posted Monday on X.

    Leftist lawmakers and activists have long called for broad student debt relief, and for years have urged the Biden administration to grant it. Critics argue that forgiving student loans is unfair to those who sacrificed to pay off their loans, especially since taxpayers ultimately pay for any government-funded debt relief.

poll#161

Considering what is being reported as the most divisive presidential speech - September 1, 2022 - in modern American history, where over 74,000,000 people, many of whom are OUR greatest patriots, were named as fascists by inference or otherwise: Is Joe Biden clearly capable of governing all of the American People to the betterment of this Representative Republic?

  Yes, it is important that Haters are named.

  No, Joe Biden cannot accept criticism when the real truth is his cruelest taskmaster.

  I have no idea what is going on because I only consume Democratic Socialist Media.

629 total vote(s)     What's your Opinion?

poll#201

Considering what real news is available for all to witness, and in great specificity, should one pursue what is true outside of the channeled realm of the corrupt corporate /legacy media, and: Is Institutionalized Corruption real, and is it a hindrance to sustaining our Constitutional Republic now, and for future generations of American citizens?

  Yes

  No

  Not sure

454 total vote(s)     What's your Opinion?

poll#162

In what may be the most divisive period in modern American History, even more divisive than the turbulent sixties due to today's lack of patriotism, consider what are the major catalysts causing so much of this calamity of conflict, and vote: What most instigates the division of America, on this day September 20, 2022?

  Racism within our society

  Sex realignment to the detriment of our society.

  Biden /Harris Wide Open Southern Border Policy for the Demographic Upheaval of OUR Constitutional Republic

  Rampant Crime in Democratic controlled cities, and the possible contagion elsewhere

  Covid Pandemic, and its mishandling at the political, and bureaucratic levels.

  The unresolved questions /allegation regarding the flawed 2020 General Election

  January 6th Riot or "Armed Insurrection", depending upon patriotic perspective

  Joe Biden as Divisive Leader; Ineffective and Corrupt Executive

  Failed Education Industry, from an overall perspective, regarding all levels of education.

  Propagandistic Media in complete conflict with the First Amendment's guarantee of Freedom of Speech, and the awesome responsibility of a Free Press..

  "Orangeman Bad!"

  Bureaucracy rushing to a behemoth size, its unjustified expense, and far too often overreach.

  The Weaponized Deep State for political purposes

  A secular ambivalence to all that is real.

  Record number of overdose deaths from opioids and now Fentanyl

  Biden Administration's disastrous Foreign Policy

  Bidenflation /supply chain failure inevitably evolving into stagflation and recession.

  "Ultra MAGA Extremists" freely speaking louder AND LOUDER!

927 total vote(s)     What's your Opinion?