The Trump administration announced Wednesday the launch of a Default Loans Support Center, an online portal for federal student loan borrowers who are behind on their payments. According to new Education Department data, approximately 9.3 million borrowers were in default as of June 30, up from 6.2 million in June 2016, representing a roughly 50% increase over the past decade. The federal student loan portfolio stands at $1.7 trillion. This surge is attributed to the end of the Covid-era payment pause and the termination of the Biden administration’s SAVE plan, which offered very low monthly payments to millions of borrowers. The unemployment rate among recent college graduates is also rising.
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