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Just over half of student loan borrowers consider themselves financially insecure, while about three-quarters said they had experienced an adverse financial event, like skipping a bill, in the past year, according to a survey from the Pew Charitable Trusts exploring the attitudes of student loan borrowers after federal student loan repayments restarted in October 2023 following a three-year pause. The survey was conducted in the summer of 2024.
Existing financial challenges are closely associated with struggles to repay student loans, the survey found. About 23 percent of respondents indicated they had missed some or all of their student loan payments since October 2023, but that number was higher among those who are financially insecure (34 percent) and those who had experienced a negative financial event (30 percent).
But paying off student loans isn’t just challenging for those facing other financial difficulties. Among all borrowers, 57 percent said they found it difficult to afford their loans, including 41 percent of those who said they do not consider themselves financially insecure. Over a third of borrowers also said they found repaying their student loans more stressful than paying their other bills.
The Education Department estimates that nearly 25 percent of borrowers have either defaulted on their loans or will default in the next several months. In May, the agency restarted collections on unpaid loans.
