Figure X
The pandemic pause on student loans has spared millions of borrowers from large payments and defaults amid rising inflation
| Quarter | Repayment | Paused* | Cumulative in default |
|---|---|---|---|
| 2013Q3 | 38.8% | 53.6% | 7.6% |
| 2013Q4 | 36.3% | 56.2% | 7.5% |
| 2014Q1 | 39.1% | 52.8% | 8.0% |
| 2014Q2 | 37.7% | 54.1% | 8.2% |
| 2014Q3 | 40.5% | 51.0% | 8.6% |
| 2014Q4 | 37.9% | 53.6% | 8.5% |
| 2015Q1 | 41.6% | 49.4% | 9.0% |
| 2015Q2 | 41.9% | 48.9% | 9.2% |
| 2015Q3 | 44.2% | 46.0% | 9.8% |
| 2015Q4 | 42.1% | 48.2% | 9.7% |
| 2016Q1 | 44.7% | 44.7% | 10.5% |
| 2016Q2 | 43.2% | 46.1% | 10.7% |
| 2016Q3 | 45.5% | 43.2% | 11.3% |
| 2016Q4 | 44.0% | 44.8% | 11.2% |
| 2017Q1 | 46.4% | 41.9% | 11.7% |
| 2017Q2 | 45.9% | 42.3% | 11.9% |
| 2017Q3 | 47.8% | 40.0% | 12.2% |
| 2017Q4 | 44.5% | 43.2% | 12.3% |
| 2018Q1 | 47.8% | 39.5% | 12.6% |
| 2018Q2 | 46.8% | 40.2% | 13.0% |
| 2018Q3 | 48.8% | 37.9% | 13.3% |
| 2018Q4 | 46.2% | 40.5% | 13.2% |
| 2019Q1 | 48.3% | 38.2% | 13.5% |
| 2019Q2 | 47.8% | 38.5% | 13.7% |
| 2019Q3 | 49.3% | 36.6% | 14.1% |
| 2019Q4 | 47.0% | 39.1% | 14.0% |
| 2020Q1 | 49.2% | 36.2% | 14.5% |
| 2020Q2 | 45.8% | 39.5% | 14.7% |
| 2020Q3 | 0.8% | 84.8% | 14.4% |
| 2020Q4 | 1.0% | 85.2% | 13.8% |
| 2021Q1 | 1.0% | 85.6% | 13.4% |
| 2021Q2 | 1.2% | 85.5% | 13.2% |
| 2021Q3 | 1.3% | 85.7% | 13.0% |
| 2021Q4 | 1.2% | 86.3% | 12.5% |
| 2022Q1 | 1.2% | 86.5% | 12.3% |
Source: Authors' analysis of U.S. Department of Education, Federal Student Aid Data Center, Federal Student Loan Portfolio.
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