While people with federal student loans have been allowed to pause payments during the pandemic, most borrowers haven’t gotten any closer to paying their debt.
While the pandemic has been economically devastating for many Americans, for some, it hasn’t proved as destructive. Indeed, even when they weren’t receiving stimulus checks, Americans’ credit scores in 2020 rose to their highest level in more than a decade.
Only slightly more than half of student-loan borrowers in a new survey said the pandemic either allowed them to pay off their student debt earlier than originally planned or got them closer to paying it off. Among those surveyed, 46% owned a home. Half of those with student debt who didn’t own a home said their loan obligations were delaying them from buying a home. In fact, renters in the survey were more likely to report defaulting on student loans during the pandemic. Most non-homeowners said that their student debt would delay their plans to become homeowners by anywhere from a few months to eight years, though some 19% said they would be delayed more than eight years in achieving this goal.
For the 46% of student-loan borrowers in the National Association of Realtors’ survey who have not managed to emerge from the pandemic in a better financial status, this lost time could have serious ramifications for their future ability to purchase a home.
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