With the education loan cost program under pressure as more borrowers be unable to pay back, the focus group understanding into the traps individuals deal with ought to provide federal policymakers which have very important pointers as they seek to change the newest degree financial support program

• Borrowers of all sorts paused costs, and many did very having much longer than that they had very first prepared. Individuals reported that using deferments and you can forbearances-gadgets that allow consumers in order to postpone or suspend their costs-was easy and helpful in days of financial fret. And many selected this one over more challenging options, instance becoming a member of a living-driven bundle, especially when it required immediate fees save. Some told you they were perhaps not eligible for possibilities so you can suspending money, while others noted that they were not provided including possibilities. Someone else said that servicers applied forbearances on their financing to create the levels newest or helps subscription inside the income-determined installment arrangements. Continue reading →