Despite the recent announcement of a short-term extension suspending student loan payments and interest until January 31, 2021, student loan borrowers are worse off now than in the spring, and most are facing long-term challenges, a survey by a student-debt advocacy group has found.
A survey of 58,733 student loan borrowers during the first week of December by the group Student Debt Crisis and Savi, a social impact technology company, found that 77% of borrowers do not feel financially secure enough to resume payments on federal student loans until June 2021 or later.
The survey also found that 65% of borrowers are facing increased anxiety, depression or stress due to the burden of student loan debt during the Covid-19 pandemic, and that 52% of borrowers rate their current financial wellness as poor or very poor since the pandemic began in March. Only 21% rated their financial wellness as poor or very poor prior to the pandemic.
In addition, 35% of healthcare workers with student loan debt have experienced reduced work hours caused by the pandemic. Finally, the survey found borrowers of color are disproportionately likely to report missing a rent or mortgage payment, experience food insecurity and homelessness or be unable to afford healthcare and medicine during the pandemic due to their student loan payments.
The two groups conducted a similar survey in April.
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Two C-level leaders reveal the new time-saving tools they've implemented and what advisors are doing with their newly freed-up hours.
The RIA led by Merrill Lynch veteran John Thiel is helping its advisors take part in the growing trend toward fee-based annuities.
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
