As the pandemic-related pause on student loan payments ended this fall, nearly 9 million borrowers, representing around 40% of the 22 million borrowers with bills due in October, missed their first payment, according to the Department of Education.
This marks a significant increase compared to October 2019 when less than 26% of borrowers missed their payments before the pause.
The Biden administration has introduced an on-ramp period through September 2024, during which borrowers won't face penalties for missed payments, although interest will still accrue. Some borrowers may need extra time to adjust to their repayment obligations, while others faced challenges due to errors from loan servicers contracted by the Department of Education.
For instance, MOHELA failed to send bills on time to 2.5 million borrowers, leading to administrative forbearance, and approximately 305,000 people received bills with incorrect amounts.
About 40% of federal student loan borrowers missed their first monthly payment this fall as the freeze on student debt expired
12/26/2023
Trump announces 25% tariffs on India
7/30/2025 6:38 PMTrump says "Fed won't cut rates today," and adds: "Hear they will cut in September."
7/30/2025 6:35 PMThe Federal Reserve has held rates, with no cut
7/30/2025 6:34 PMJPMorgan Chase is in advanced talks to replace Goldman Sachs as Apple’s credit card partner
7/30/2025 5:56 PM
Stay Updated
Subscribe to our newsletter for the latest financial insights and news.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.