Student Loan Default Rate
There are more than 44 million borrowers of student loans with the debt total inching towards $1.5 trillion. Now, a new study conducted by the Urban Institute released default statistics as follows:
- 40% of borrowers may default on their student loans by 2023
- 250,000 borrowers default on their federal student loans each quarter
- It takes 19.4 years, on average, to pay off student loans
- Surprisingly, those borrowers with a smaller amount of student loan debt had a higher likelihood of default (not paying their student loans for at least nine months).
- 32% of borrowers with a balance of $5,000 or less defaulted at least once within four years compared with 15% of borrowers who owed more than $35,000.
Alexander Hernandez, Esq.
The FTC- Federal Trade Commission has reached agreement with student loan refinancer SoFi regarding misrepresenting how much student loan borrowers could save.
The Department of Education released data that shows how ineffective the student loan forgiveness program has been.
The Federal Reserve has released new data regarding the student loan debt crisis. Per the data, out of $1.4 trillion debt pertaining to student loans, women have approximately $900 billion.
Alexander Hernandez has been representing clients since 1999 in the areas of Chapter 7 Bankruptcy, Family Law, and Personal Injury.
Call for your appointment at (904) 602-5418 or (305)-688-LAWS (5297).
Weekend and after hours appointments available.
*Office across Orange Park City Hall on Road 17.