Federal Student Loan Defaults Reach Record High, Impacting Millions of Borrowers
The number of federal student loan borrowers in default has reached a record 9.5 million, surpassing the previous high of 8 million recorded in December 2019. This increase follows the expiration of pandemic-era repayment protections and a shift away from Biden-era repayment and forgiveness programs under the Trump administration. The total federal student loan debt stands at approximately $1.7 trillion, with $233.3 billion currently in default. California, Florida, Texas, and New York account for a significant portion of borrowers with high debt balances, with California alone having 142,100 borrowers owing more than $200,000 each. The data highlights the widespread nature of student loan burdens across the U.S., with substantial debt existing in every state. 
