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.
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