More than 5 million people, often those who owe and make the least, are currently in default on their federal student loans, a status that comes with severe financial consequences. In the coming weeks, millions of additional borrowers—already behind on their payments—may join them.
On July 23, New America will host an online, closed-door press briefing to provide context about this “default cliff” and answer questions about the current state of the student loan system. This year, borrowers began experiencing financial penalties associated with nonpayment for the first time in five years, after an extended pandemic-related payment pause and subsequent on-ramp period. Join us to explore how we got here, what is at stake for those with debt, and what policymakers can do to support the most vulnerable borrowers.
Following a brief presentation, there will be a reporter Q&A. All content shared during the briefing is on the record.
Speakers:
- Sarah Sattelmeyer, former Senior Advisor, U.S. Department of Education; Project Director, New America’s Higher Education Program
- Abby Shafroth, Managing Director of Advocacy, National Consumer Law Center (NCLC) and Director, NCLC’s Student Loan Borrower Assistance Project
