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Did Student Loan Forbearance Push Distressed Borrowers Further into Debt?

In a new study, Yale SOM’s Heather Tookes and her co-authors find that after loan forebearance went into effect in March 2020, distressed borrowers’ credit scores jumped. That allowed them to take on more credit card and auto debt—and, eventually, led to higher rates of delinquencies.

An illustration of a graduate trying to escape a storm of debt while running on top of credit cards.