Students can expect to wait up to eight years for their federal loans to be paid off.
The federal government has said it will pay out $16 billion to students who were eligible for a refund for the second quarter of 2019, according to a Wall Street Journal report.
Some students will receive a partial payment, while others will have to wait until 2020.
But that will still leave some borrowers struggling.
One in five student loan borrowers have no payments coming in, according, according an analysis by the Consumer Federation of America.
And that number is rising.
The government is now expected to pay out about $4.3 billion to student loan debtors over the next two years.
It’s not just students who will suffer from this delay, however.
For many Americans, the cost of paying off their student loans is expected to be a burden.
The Wall Street, Bloomberg, and NBC news reports indicate that a full 10 million Americans will have student loans at some point in the next few years.
And the average borrower will have a balance of $5,000.
That’s about the same amount that a family of four would need to make to pay off their mortgage, according data from the Consumer Financial Protection Bureau.
In a blog post, Consumer Federation president Richard Falkenmark said he was disappointed that students would continue to have to deal with this delay.
“It’s a disservice to the millions of students who have already been put through this,” Falkenmar said.
“The government needs to put an end to this delay before it gets worse.”
The WSJ reported that many borrowers have been able to take advantage of the government’s refund offer because of the recent economic downturn.
For example, the average student loan holder was able to receive a payment of $1,500 this quarter, the WSJ reports.
But the government says that will change after this quarter’s repayment period, which ends on Sept. 30.