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On the education loan fees system under great pressure as more borrowers struggle to pay back, the main focus category information towards barriers consumers face must provide government policymakers with important information as they seek to reform this new higher education money program

• Borrowers of all types paused payments, and lots of did thus to possess far more than they’d very first structured. Consumers reported that having fun with deferments and forbearances-units that enable individuals so you’re able to delay or suspend its costs-is actually simple and easy helpful in days of monetary fret. And lots of selected this package more than more difficult alternatives, particularly registering for an income-driven bundle, especially when they called for quick cost save. Certain said these were perhaps not eligible for choices in order to suspending payments, while some noted which they weren’t considering such as for instance choices. Someone else said that servicers used forbearances on the loans to take the levels latest or support registration inside the income-determined cost arrangements. (more…)