Channel3000.com January 6, 2021 3:04 PM Zina Kumok - Forbes Advisor Posted: Updated: January 8, 2021 7:06 AM Every year, about a million borrowers default on their student loans—and that number may increase. Research from the Brookings Institute found that nearly 40% of borrowers who took out student loans in the early 2000s may default by 2023. That’s potentially millions of borrowers. To make matters worse, the Covid-19 pandemic has put many borrowers in a financial situation they never expected to experience. But what happens if a borrower who’s defaulted on their student loans can suddenly afford to make their payments? Is it too late, or can these borrowers dig their way out of default? Here are the options for borrowers whose loans have gone to collections.