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By Equifax: Student Loan Repayment Could Spell Risk for Your Portfolio. Are You Ready?
After over a three year pause, student loan repayment is about to restart. Beginning in October 2023, over 43 million student loan borrowers will be expected to start chipping away at almost $1.5 trillion in federal student loan debt.
Wow. That is a lot of money. Total student loan debt is now a close runner-up to total outstanding auto loan debt. Both of these comprise a huge percent of the total outstanding debt for U.S. consumers. Only mortgage debt is higher.
This is the first of a two-part blog series. Look out for the second article to learn how lenders can prepare to address student loan risk. Check out the full blog post from Equifax here.