Student-loan borrowers are facing a key issue ahead of the midterms: affording their new monthly payments
Student-loan borrowers are struggling with rising monthly payments, which has become a significant issue ahead of the upcoming midterm elections. Data shows high delinquency rates in competitive political districts, highlighting the economic pressure on voters.
Why it matters
It connects personal financial hardship to broader political trends, illustrating how economic policy influences voter sentiment in battleground areas.
iStock; BI Over 10 million student-loan borrowers are behind on payments. Some borrowers said they're hopeful the midterms will prompt policy to protect those in default. States with closely contested Senate races, like Texas and Ohio, have high rates of nonpayment, per an Urban Institute analysis. Sarah Bundy has been in and out of default on her student loans for nearly three decades. She borrowed for college in the mid-1990s, but dropped out as her loan balance became unaffordable. At the time, it was $39,000. Now, it's $60,000. The 55-year-old is hoping a "blue wave" will pave the way for Democratic legislation to shield borrowers at risk of default. "At my age, I can never get ahead of this," Bundy said. "So I'm just trying to scooch under the wire as long as I can."
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