Figure 2: Close to two-thirds of defaulters could not afford their payments before defaulting

Reasons borrowers gave for defaulting, and redefaulting, on their loans.

Borrowers took out their first federal student loan for their own undergraduate educations between 1998 and 2018. Those who defaulted on their loans had at least one loan in default at some point over that time period. Redefaulters reported defaulting more than once over that time period. Deferments and forbearances are used to pause payments and income certification is necessary for enrollment in income-driven repayment plans.
Source: The Pew Charitable Trusts, Toplines, Survey on Student Loan Borrowers (Washington, DC: 2021). Get the data
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