That means defaults are now happening at three times the rate that they were happening before the pandemic. So what does it mean to default on your student loans? Well, A recent survey found that one in four people can't keep up with their payments because they're choosing between making their student loan payment or covering basic needs. like paying their rent or putting food on the table. And when people aren't able to make their payments and they default on their loans, they can face serious financial threats, like massive credit score drops or the seizure of their wages. (00:28–00:39)
CLAIM
Asserts that 25% of people struggle to pay student loans due to competing basic needs.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
