TMCnet News
Only 14% of Consumers with Federal Student Loans on Pause Can Afford Payments, ScoreSense Survey Finds 62% of survey respondents say they are delaying major life purchasesDALLAS , Aug. 18, 2022 /PRNewswire/ -- A survey of consumers with federal student loans on pause, which went into effect during the COVID-19 pandemic, reveals that only 14% of respondents say they can afford the payments with no issues when the forbearance period ends, according to a consumer survey by ScoreSense®, a credit score monitoring product. The survey also revealed that 42% of respondents aren't sure how they will add loan payments back into their budget. The most recent extension to the payment pause, which began in March 2020, continues to August 31, 2022, with payments currently scheduled to restart in September. 18% of survey respondents say they will need to cut budgets or rely on family to help to resume loan payments. The survey, focused on the resumption of federal student loan payments and implications, included these highlights: • To resume payments, 18% of survey respondents say they will need to cut their budgets or rely on family to help to add these loan payments back into their budgets. About one of four respondents between the ages of 18-34 will need help from family members to help with student loans.
ScoreSense serves as a one-stop digital resource where consumers can access credit scores and reports from all three main credit bureaus—TransUnion®, Equifax®, and Experian®—and understand what is most affecting their credit. About One Technologies One Technologies, LLC, harnesses the power of technology, analytics, and its people to create solutions that empower consumers to make more informed decisions about their financial lives. The firm's consumer credit products include ScoreSense®, which enables members to seamlessly access, interact with, and understand their credit profiles from all three main bureaus using a single application. The ScoreSense platform is continually updated to give members deeper insights, personalized tools and one-on-one customer care support that can help them make the most sense of their credit. One Technologies is headquartered in Dallas and was established in October 2000. For more information, please visit onetechnologies.net. View original content to download multimedia:https://www.prnewswire.com/news-releases/only-14-of-consumers-with-federal-student-loans-on-pause-can-afford-payments-scoresense-survey-finds-62-of-survey-respondents-say-they-are-delaying-major-life-purchases-301608129.html SOURCE ScoreSense |