Student Loan Default Rate

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Latest student loan default rates.

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.
Twitter @mcatty_alex

 

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Warning- SoFi- Social Finance Inc. – Student Loans

The FTC- Federal Trade Commission has reached agreement with student loan refinancer SoFi regarding misrepresenting how much student loan borrowers could save.

 

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Student Loan Forgiveness Isn’t Working

The Department of Education released data that shows how ineffective the student loan forgiveness program has been.

 

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Women Have the Highest Student Loan Debt

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

Alexander Hernandez has been representing clients since 1999 in the areas of bankruptcy, family law, and personal injury. Jacksonville, Florida Office -904-602-5418 Miami, Florida Office 305-688-LAWS (5297)

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