Title: Student Loan Debt: Who is Paying it Down?
Authors: Diana Farrell, Fiona Greig, Daniel M. Sullivan
Source: JPMorgan Chase & Co. Institute
A new report from the JPMorgan Chase & Co. Institute looks at student loan repayment data for over 300,000 Chase checking account customers who were either making payments towards student debt or possess outstanding student debt. The authors found differences in repayment trends across age, race, and income status.
In particular, the report notes that while the median borrow is positioned to pay 3.8 percent of their take-home income, many low-income and younger borrowers navigate rates that are over 10 percent. Additionally, Black borrowers, relative to white borrowers, have lower incomes, higher debt balances, and are less likely to receive repayment help. The authors also provide insight on loan payment progress and deferral trends.
Click here to read the report.
—Anna Marie Ramos