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Defaults in student loans rise amid economic strain
The bulk of loans come from the Guaranteed Student Loan program begun in 1967, now $84.28 billion in 4.7 million loans. Borrowers repay over ten years with about $30 monthly, but 4.7 percent of federal loans are in default, up from 3.5 percent six months earlier. United Student Aid Funds reports a 56 percent default rate for some programs, while California banks show delinquencies but account for little of overall defaults. Economic conditions and youthful attitudes toward money are blamed as job markets stay tight and graduates face repayment obligations.
MENTIONED IN THIS ARTICLE
New York Times
Congress
Department of Health, Education and Welfare
HEW
Washington
United Student Aid Funds