RSS Feed
April 7th, 2016 
Awake Goy
More Than 40% of Student Borrowers Aren’t Making Payments
April 6th, 2016
Via: Wall Street Journal:
More than 40% of Americans who borrowed from the government’s main student-loan program aren’t making payments or are behind on more than $200 billion owed, raising worries that millions of them may never repay.
The new figures represent the fallout of a decadelong borrowing boom as record numbers of students enrolled in trade schools, universities and graduate schools.
While most have since left school and joined the workforce, 43% of the roughly 22 million Americans with federal student loans weren’t making payments as of Jan. 1, according to a quarterly snapshot of the Education Department’s $1.2 trillion student-loan portfolio.
About 1 in 6 borrowers, or 3.6 million, were in default on $56 billion in student debt, meaning they had gone at least a year without making a payment. Three million more owing roughly $66 billion were at least a month behind.
Meantime, another three million owing almost $110 billion were in “forbearance� or “deferment,� meaning they had received permission to temporarily halt payments due to a financial emergency, such as unemployment. The figures exclude borrowers still in school and those with government-guaranteed private loans.
<!–
–>
<!– AD CAN GO HERE
END: AD CAN GO HERE –>
Leave a Reply
You must be logged in to post a comment.
Source Article from http://www.cryptogon.com/?p=48585
Posted in 
Tags: 
