Student loan payments resumed in October, yet by mid-November, approximately 40 percent of the 22 million borrowers—totaling around 9 million individuals—had not made a payment, reported the Department of Education.
Interest on these loans began accruing on September 1, despite official payment restarts occurring in October. The absence of payments has led to escalating debt, with the average monthly bill ranging between $200 and $299 per person. JPMorgan’s analysis indicates total monthly payments reached about $10 billion in October.
