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Banks worry as student debt rises with tuition loans
Banks report rising arrears on education loans, with about eight percent of loans due in arrears. Loans generally begin nine months after graduation, carrying seven percent interest and up to ten years repayment. Default processes escalate to state or federal collections. Government steps include more field workers and a new Student Loan Marketing Association to absorb loans for cash.
MENTIONED IN THIS ARTICLE
Bankers Trust
New York Higher Education Assistance Corporation
American Bankers Association
Fanny May
Federal
National Mortgage Association
Sally May
Student Loan Marketing Association