[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-584023-105":3,"detail-sidebar-cat-0-en-105":81,"doc-detail-584023-en":130},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":74,"head_meta":76,"extra_data":78,"updated_unix":80},105,"en","student-loan-repayment-a-glance-september-2024","Student Loan Repayment - A Glance - September 2024","","Federal changes to the student loan program affect borrowing, repayment, and debt, including the restart of payments after the coronavirus suspension and a new repayment plan introduced in August 2023 that lowers interest accrual and payments for some borrowers. The analysis examines repayment patterns for a representative sample of federal loans with repayment periods starting between July 2009 and June 2013, tracking loan balances, payment behavior, defaults, and differences by plans, borrowers, and institutions through 2019.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/research-report/","Research & Report",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/document/student-loan-repayment-a-glance-september-2024/584023/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/student-loan-repayment-a-glance-september-2024/584023.png","ImageObject",300,407,{"name":42,"@type":43},"\tCallum ","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-11-10","2026-10-15",true,{"@type":52,"interactionType":53,"userInteractionCount":55},"InteractionCounter",{"@type":54},"ViewAction",6,{"@type":57,"mainEntity":58},"FAQPage",[59,65,69],{"name":60,"@type":61,"acceptedAnswer":62},"What does the report cover about federal student loan repayment changes?","Question",{"text":63,"@type":64},"It summarizes recent and proposed federal changes that affect borrowing, repayment, and debt, including payment restarts after the pandemic suspension and a new plan introduced in August 2023.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"How did loan balances and payments evolve during the first six years after repayment began?",{"text":68,"@type":64},"Nearly a quarter of loans saw balances fall by 50% or more, but balances increased for 57% of loans; on average, loans spent 45% of months in repayment status and payments exceeded $10 in 38% of months when due.",{"name":70,"@type":61,"acceptedAnswer":71},"How do repayment outcomes differ across borrowers, repayment plans, and institutions?",{"text":72,"@type":64},"Income-dependent repayment plans were repaid more slowly but were less likely to default; borrowers with Pell grants and those with less schooling repaid more slowly, and repayment varied substantially by institution and academic program, including more positive outcomes in programs leading to advanced degrees.","https://schema.org",{"og:url":32,"og:type":75,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":77,"canonical":32},"index,follow",{"doc_id":79,"site_id":7},584023,1792188734,{"code":4,"msg":82,"data":83},"success",[84,88,92,96,101,105,110,114,119,122,126],{"id":22,"doc_module":4,"doc_module_name":25,"category_name":85,"show_sort_weight":86,"slug":87},"Story & Novel",90,"story-novel",{"id":26,"doc_module":4,"doc_module_name":25,"category_name":89,"show_sort_weight":90,"slug":91},"Literature",80,"literature",{"id":33,"doc_module":4,"doc_module_name":25,"category_name":93,"show_sort_weight":94,"slug":95},"Exam",70,"exam",{"id":97,"doc_module":4,"doc_module_name":25,"category_name":98,"show_sort_weight":99,"slug":100},5,"Comic",60,"comic",{"id":55,"doc_module":4,"doc_module_name":25,"category_name":102,"show_sort_weight":103,"slug":104},"Technology",50,"technology",{"id":106,"doc_module":4,"doc_module_name":25,"category_name":107,"show_sort_weight":108,"slug":109},7,"Healthcare",40,"healthcare",{"id":111,"doc_module":4,"doc_module_name":25,"category_name":29,"show_sort_weight":112,"slug":113},8,30,"research-report",{"id":115,"doc_module":4,"doc_module_name":25,"category_name":116,"show_sort_weight":117,"slug":118},9,"Religion & Spirituality",20,"religion-spirituality",{"id":117,"doc_module":4,"doc_module_name":25,"category_name":120,"show_sort_weight":117,"slug":121},"World Cup","world-cup",{"id":123,"doc_module":4,"doc_module_name":25,"category_name":124,"show_sort_weight":123,"slug":125},10,"Lifestyle","lifestyle",{"id":127,"doc_module":4,"doc_module_name":25,"category_name":128,"show_sort_weight":97,"slug":129},19,"General","general",{"code":4,"msg":82,"data":131},{"doc_id":79,"user_id":132,"nickname":42,"user_avatar":133,"doc_module":4,"category_id":111,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":55,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":139,"language":140,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":12,"update_tm":144,"read_time":145,"preview_page_count":4},137451211410,"https://ap-avatar.wpscdn.com/avatar/2000bb0a9246f588df?x-image-process=image/resize,m_fixed,w_180,h_180&k=1786362646172706240","Student Loan Repayment, 2009 to 2019  \nStudent loan  \nSEPTEMBER | 2024  \nAt a Glance  \nRecent changes to the federal student loan program will affect student loan borrowing, repayment, and debt. Payments on student loans, which were suspended during the coronavirus pandemic, restarted in October 2023. A new repayment plan introduced in August 2023 will significantly reduce interest accrual and payments for certain borrowers. And lawmakers have expressed interest in changing federal measures of student loan repayment that are used to hold institutions accountable for the quality of education they provide.  \nUnderstanding patterns of student loan repayment before payments were suspended during the pandemic can shed light on how those recent and proposed changes to the federal student loan program might affect students, educational institutions, and the federal budget. To that end, the Congressional Budget Office identified a representative sample of federal student loans whose repayment periods began between July 2009 and June 2013 and examined several measures of their progress through 2019.  \n• Loan Repayment. In the first six years after repayment began, the balances of nearly a quarter of loans fell by 50 percent or more, and a modest share of loans were paid off entirely. However, balances increased—sometimes substantially—for 57 percent of loans. On average, loans spent  \n45 percent of months in repayment status (during which payments were expected—including zero-dollar payments for borrowers in certain repayment plans), and borrowers made payments greater than $10 in only 38 percent of the months in which a payment was due.  \n• Loan Default. The share of loans in default during any given month rose from 4 percent one year into the repayment period to 12 percent after three years and 16 percent after six years.  \n• Differences Among Repayment Plans. Loans in repayment plans whose monthly payments depended on borrowers’ income were repaid more slowly but were also less likely to default.  \n• Differences Among Borrowers. Students who received Pell grants repaid their loans more slowly than students who did not, and those differences increased with time. Students who ultimately attained less schooling showed slower repayment than those who attained more schooling.  \n• Differences Among Institutions and Academic Programs. Repayment outcomes differed substantially among institutions, even for study in a common field. Students who attended forprofit institutions, two-year public institutions, and institutions with lower degree-completion rates repaid their loans more slowly. Positive repayment outcomes were more likely in academic programs leading to advanced degrees.  \n• Short-Run Versus Long-Run Outcomes. Repayment outcomes after three years were highly indicative of outcomes after six years. But the degree to which loans had been paid down was more predictive of later repayment outcomes than whether or not the loans went into default.  \n[www.cbo.gov/publication/58963](www.cbo.gov/publication/58963)  \nContents  \nChapter 1: Introduction 1  \nChapter 2: What Trends Emerged in the First Six Years of Repayment? 3  \nShare of Debt Remaining 4  \nLoan Status 5  \nPayments 6  \nLoan Default 7  \nChapter 3: How Did Repayment Plans and Characteristics of Borrowers Influence Repayment Outcomes? 9  \nBorrowers’ Choice of Repayment Plans 10  \nLoan Balances and Payments, by Repayment Plan 11  \nLoan Status, by Repayment Plan 12  \nLevels of Schooling Financed With Student Loans 13  \nLoan Balances and Payments, by Borrowers’ Highest Level of Schooling Financed 14  \nLoan Status, by Borrowers’ Highest Level of Schooling Financed 15  \nBorrowers’ Financial Resources 16  \nLoan Balances and Payments, by Borrowers’ Pell Grant Recipiency and Highest Level of Schooling Financed 17  \nLoan Status, by Borrowers’ Pell Grant Recipiency and Highest Level of Schooling Financed 18  \nChapter 4: How Did Characteristics of Institutions Influence Repayment Outcomes? 19 ","cbCaii8e3ztl8xBq","https://ap.wps.com/l/cbCaii8e3ztl8xBq","pdf",3623669,55,"English","# Chapter 1: Introduction\n# Chapter 2: What Trends Emerged in the First Six Years of Repayment?\n## Share of Debt Remaining\n## Loan Status\n## Payments\n## Loan Default\n# Chapter 3: How Did Repayment Plans and Characteristics of Borrowers Influence Repayment Outcomes?\n## Borrowers’ Choice of Repayment Plans\n## Loan Balances and Payments, by Repayment Plan\n## Loan Status, by Repayment Plan\n## Levels of Schooling Financed With Student Loans\n## Loan Balances and Payments, by Borrowers’ Highest Level of Schooling Financed\n## Loan Status, by Borrowers’ Highest Level of Schooling Financed\n## Borrowers’ Financial Resources\n## Loan Balances and Payments, by Borrowers’ Pell Grant Recipiency and Highest Level of Schooling Financed\n## Loan Status, by Borrowers’ Pell Grant Recipiency and Highest Level of Schooling Financed\n# Chapter 4: How Did Characteristics of Institutions Influence Repayment Outcomes?\n## Institutions Where Borrowers Used Student Loans\n## Loan Balances and Payments, by Type of Institution\n## Loan Status, by Type of Institution\n## Differences in Repayment, by Institutions’ Degree-Completion Rate\n## Loan Balances and Payments, by Institutions’ Degree-Completion Rate\n## Loan Status, by Institutions’ Degree-Completion Rate\n# Chapter 5: Did Outcomes at Three Years Predict Longer-Term Outcomes?\n## Early Default Status as a Predictor of Later Outcomes\n## Early Share of Debt Remaining as a Predictor of Later Outcomes\n# Chapter 6: How Did Repayment Outcomes Vary Among Institutions and Programs?\n## Repayment Outcomes Among Institutions, by Borrowers’ Degree Level and Completion\n## Positive Repayment Status Among Programs, by Degree Level\n## Positive Repayment Status Among Programs, by Field of Study\n# Appendix A: Additional Information About Federal Student Loans\n# Appendix B: Data and Methods\n# Appendix C: Unweighted and Weighted Measures of Repayment\n# Appendix D: Comparison With an Updated Sample of Student Loans\n# About This Document","[{\"question\":\"What does the report cover about federal student loan repayment changes?\",\"answer\":\"It summarizes recent and proposed federal changes that affect borrowing, repayment, and debt, including payment restarts after the pandemic suspension and a new plan introduced in August 2023.\"},{\"question\":\"How did loan balances and payments evolve during the first six years after repayment began?\",\"answer\":\"Nearly a quarter of loans saw balances fall by 50% or more, but balances increased for 57% of loans; on average, loans spent 45% of months in repayment status and payments exceeded $10 in 38% of months when due.\"},{\"question\":\"How do repayment outcomes differ across borrowers, repayment plans, and institutions?\",\"answer\":\"Income-dependent repayment plans were repaid more slowly but were less likely to default; borrowers with Pell grants and those with less schooling repaid more slowly, and repayment varied substantially by institution and academic program, including more positive outcomes in programs leading to advanced degrees.\"}]","Student Loan Repayment - A Glance - September 2024 | PDF",1792049529,139]