One borrower’s story about falling behind on payments, defaulting on his private student loans and waiting out the statute of limitations on debt collection.
The Biden administration’s new income-driven repayment plan, SAVE, will reduce payments for millions of borrowers and more will qualify for $0 payments.
Debt rose to more than $1 trillion in the second quarter, a report found — a sign of financial strain for some, even before student loan payments resume.