Student loan defaults hit record highs in wake of COVID-tied payments pause expiration

Defaults on student loans have surged across the United States, reaching record levels as borrowers struggle to keep up with payments.

The numbers have spiked since payments came due again following a lengthy pause intended to provide relief during the COVID-19 pandemic. Today, around 9.5 million people - 1 in 5 federal student loan borrowers - are in default, meaning they are more than nine months behind on their payments.