In theory, student loan borrowers already have three monthly payments on the books — but in reality, some borrowers just aren’t paying up since payments resumed in October 2023.
According to the Department of Education, nearly 40% of student loan borrowers with their first deadline in October did not make payments by mid-November. Today’s average monthly loan payment of $210 to $314 equates to a 4-5% pay cut for the typical worker, meaning many borrowers simply cannot afford to meet payments. On TikTok, Gen Z borrowers are speaking out about sharing plans to boycott payments altogether, even at the risk of default and garnished wages.
