Zalatix
DP Veteran
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You can't squeeze blood out of a turnip.
Half of Outstanding Student Loan Debt Isn't Being Repaid - US News and World Report
Outstanding student loan debt is now the second largest form of consumer debt, but about half of the $1 trillion in student loan debt isn't being repaid because the borrowers are struggling to make payments, according to an analysis released Monday by the Consumer Financial Protection Bureau.
Using data from the Department of Education and the National Student Loan Data System, the CFPB found that as of June 2013, more than 7 million borrowers were in default on federal or private student loans, meaning they are more than 90 days late on a payment.
"Defaulting on a federal student loan has serious consequences," Rohit Chopra, the bureau's student loan ombudsman, said in the report. "Unlike other consumer credit, borrowers in default on a federal student loan might see their tax refund taken and their wages garnished without a court order."
Half of Outstanding Student Loan Debt Isn't Being Repaid - US News and World Report
Outstanding student loan debt is now the second largest form of consumer debt, but about half of the $1 trillion in student loan debt isn't being repaid because the borrowers are struggling to make payments, according to an analysis released Monday by the Consumer Financial Protection Bureau.
Using data from the Department of Education and the National Student Loan Data System, the CFPB found that as of June 2013, more than 7 million borrowers were in default on federal or private student loans, meaning they are more than 90 days late on a payment.
"Defaulting on a federal student loan has serious consequences," Rohit Chopra, the bureau's student loan ombudsman, said in the report. "Unlike other consumer credit, borrowers in default on a federal student loan might see their tax refund taken and their wages garnished without a court order."