A wave of student loan borrowers have entered default since pandemic-era protections lapsed

Approximately 9.5 million federal student loan borrowers, representing one in five, are currently in default, meaning they are over nine months behind on payments. This surge in defaults occurred after pandemic-era protections lapsed and payments became due again. The spike follows a lengthy pause in repayment that was originally implemented to provide financial relief during the COVID-19 pandemic, leading to a significant wave of borrowers failing to meet their federal loan obligations.