According to a new survey from Credit Karma, more than 56% of student loan borrowers will be forced to choose between paying off their debt and paying for groceries once payments resume in the months ahead.
Student debt payments and interest accruals were on pause for nearly three years due to the Covid-19 pandemic, but are now set to restart in October and September respectively.
Credit Karma’s findings revealed some 68% of loanees with a household income under $68,000 will have to decide between paying their loan or paying for necessities, a sentiment echoed by 45% of loanees with a household income above six-figures.
As a result, some 45% of borrowers told Credit Karma they expect their loans to go delinquent once the payments and interest accruals resume.
