The COVID-19 era moratorium on student loan payments is set to end in September, forcing more than 40 million Americans with outstanding federal education debt to start making payments again.
About 92% of student loans are owned by the Department of Education, and around 13% of student debt is owned by private institutions like banks or credit unions, according to educationdata.org, an online resource for information on student debt. U.S. student debt has reached $1.73 trillion and grows at a rate six-times faster than the economy.
