COVID-19 and the Impact on Student Loan Debt

The COVID-19 pandemic and the financial hardship that it created has impacted the rise in student debt and the ability of borrowers to pay down their student loans. Debt repayment and financial hardships impacting one’s ability to take out student loans can have a lasting impact on college enrollment and the desire for folks to further their careers with advanced education, which can in turn have long-term impacts on the economy.  The financial impact of the pandemic has been most pronounced in lower income and minority students with Black Americans having disproportionately felt the adverse economic impacts of the pandemic. College completion is a key driver in making sure students are able to begin repaying their educational debt.