The percentage of Gen Z borrowers with credit card debt increased by almost 20% since 2023.
Gen Z Faces Rising Credit Card Debt It seems like more and more members of Generation Z are finding themselves in credit card debt. A recent survey by Deloitte and ConsumerSignals revealed that, between the third quarter of 2023 and the second quarter of 2026, the percentage of Gen Z adults (ages 18 to 29) […]
New deadline for student loan borrowers seeking lower interest rates
Student loan borrowers now have until December 2026 to set up auto pay and benefit from a 1% reduction in their interest rates. The initial deadline was September 30, but the U.S. Department of Education decided to extend this to allow borrowers more time for enrollment. This rate reduction will remain in effect until June […]
High student loan defaults: 9.5 million borrowers are in default, according to data
Student Loan Defaults Reach Record High A recent report indicates that Generation Z is facing serious challenges with low credit scores and growing worries about job opportunities. The situation with student loans is particularly alarming, with defaults hitting unprecedented levels. Currently, there are 9.5 million borrowers in default, categorized as being over 270 days late […]
Many student loan borrowers must select a new plan — here’s all the information you need.
Starting July 1, millions of student loan borrowers will be required to select new repayment plans. The decision you make could significantly impact your monthly payments. Approximately 7 million individuals who participated in the now-ended SAVE program created during the Biden administration will have to re-enroll in alternative plans, as payments resume after nearly two […]
Millions of student borrowers face default as payment collection restarts
Rise in Student Loan Defaults Highlighted by New York Fed The New York Fed disclosed on Tuesday that a significant number of student loan borrowers defaulted earlier this year, which may spark a new wave of delinquencies. In the fourth quarter of 2025, approximately 1 million borrowers defaulted, and an additional 2.6 million did so […]
Education Department Reveals Schedule to Release 7,500,000 Borrowers Caught in Biden’s ‘Unlawful Student Loan Relief Plan’
Department of Education Updates Student Loan Borrowers On Friday, the Department of Education (ED) started informing 7.5 million federal student loan borrowers who are currently in expired SAVE plans that they will need to switch to legal repayment options, or they risk being automatically reassigned. Beginning July 1, federal loan servicers will send formal notices […]
McMahon informs 9 million struggling student borrowers that Bessent will be their new debt collector
Washington’s New Approach to Student Loan Debt Collection Education Secretary Linda McMahon has announced plans to reach out to the 43 million Americans with student loan debt, noting that the Treasury Department will now oversee debt collection. It’s estimated that around 9 million of those borrowers are currently in default. The letter explains that this […]
Focus on Americans: SBA ends support for foreign national borrowers
SBA Implements New Policy on Foreign Nationals and Business Loans The Small Business Administration (SBA) recently announced a policy that has caught many off guard—it seems surprising that such a measure was even deemed necessary. There are already discussions about potential further actions. On Monday, led by Administrator Kelly Loeffler, the SBA conveyed that it […]
Certain student loan borrowers can receive $2,000 payments — here’s what you should understand.
Borrowers with student loans may be eligible for payments of up to $2,000 as part of a $120 million settlement the Consumer Financial Protection Bureau (CFPB) reached with significant lenders. In 2024, the CFPB finalized an agreement with Navient after alleging that the Virginia-based loan servicer pressured students into expensive payment plans and didn’t inform […]
SBA halts 111,000 borrowers in California due to suspected $8.6 billion fraud
The Small Business Administration (SBA) has put a hold on over 111,000 borrowers in California due to allegations of $8.6 billion in pandemic-related fraud, as announced by SBA Administrator Kelly Loeffler on Friday. She stated, “We have suspended approximately 112,000 borrowers for suspected fraud of at least $9 billion.” This revelation marks a significant initiative […]