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America's student loan debt reached an all-time high before the pandemic. Now a national study shows COVID-19 may be adding to the financial uncertainty for those already struggling to make payments.
According to a survey by the personal finance site Student Loan Hero, three in 10 respondents with private education debt said they have strongly considered filing for bankruptcy.
While federal student loan borrowers were granted a break from payments until Oct. 1 with passage of the federal coronavirus relief bill, students who have loans through private lenders weren't necessarily afforded the same relief. According to Student Loan Hero's survey, more than half of them have seen their wages or hours cut because of the pandemic.