That’s according to a new study from the Consumer Financial Protection Bureau (CFPB), the government watchdog tasked with monitoring the financial service industry on behalf of consumers.
The CFPB study looked at about 270,000 borrowers who paid off at least one student loan between January 2013 and October 2017. It found that 94% of the borrowers did so by making a large final payment. On average, that payment was 55 times their minimum due.
Only 6% of borrowers who repaid their debt did so by following the payment schedule provided by a student loan servicer.
The financial situations for such a large sample of people varied widely, but the CFPB inferred that most people probably started to earn more money, making it easier to pay above the minimum due on their loans.
Others were likely building their savings as they paid down their debt and finally saved enough to make a large payment and put the student loans behind them.
Whatever the reason for the large payments, it seems those people who pay down thousands of dollars in debt in just a few years are more common than they seem.
Desiree Stennett (@desi_stennett) is a senior writer at The Penny Hoarder. She writes about how government and court actions impact your wallet.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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