Louisianans owe $23.4 billion in federal student loans
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Nearly 670,000 Louisianans owe a total of $23.4 billion in federal student loans that they will soon have to resume payments on, according to federal data.
- That breaks down to an average of about $35,000 per borrower.
Driving the news: After a pandemic-era break, student loan interests will resume starting Sept. 1, and payments are expected to be due starting in October.
- Most borrowers will need to opt in to confirm auto-debit payments.
Catch up quick: This comes after the Supreme Court ruled 6-3 earlier this summer that President Biden's plan to forgive many student loans is unconstitutional.
Zoom in: Nationally, borrowers between 35 and 49 years old owe the most in federal student loans, according to Federal Student Aid data. Women typically borrow more for college than men, according to NerdWallet, a personal finance company.
- And Black borrowers are disproportionately burdened by student loan debt. As of 2019, a typical Black student loan borrower will still owe 95% of loans 20 years after starting college, compared to 6% for a white borrower.
What we're watching: Experts have warned of a messy return to debt repayment for American borrowers, who collectively owe more than $1 trillion in student loans, as the significant pandemic-era break comes to a close.
- Biden's plan would have forgiven up to $10,000 for individual borrowers who make under $125,000 per year or $20,000 for Pell Grant recipients.