EXPECTED STUDENT LOAN PAYMENT AMOUNTS
FOR U.S. CONSUMERS RESUMING PAYMENTS| DATA AS OF JULY 2023
© Callahan & Associates | CreditUnions.com
- Federal student loan payments will resume in October after a pause of more than three years. According to a TransUnion study published in July, those payments will total more than $200 per month for half of all borrowers; they’ll total more than $500 for 19% of borrowers.
- Credit union members with federal student loans could find their wallets stretched and savings strained. Some might even have trouble meeting their monthly debt obligation for loans — such as credit cards or autos — they hold with their credit union. UMassFive College FCU is helping borrowers adjust via programs that provide relief and flexibility.
- The Biden administration says the U.S. Department of Education won’t report delinquent student loans to credit bureaus for 12 months, which will give strained borrowers additional time before their credit scores are impacted.
Interested In Student Lending But Unsure Where To Start?
Callahan’s Peer Suite empowers credit unions to make informed, data-backed decisions without struggling with complex, manual processes. Benchmark against the peer groups you choose, automate your KPIs every quarter, and kickstart your journey to success.
Request A Demo Today
