Student debt crisis threatens US economy according to International Business Times
The International Business Times is reporting that the student debt crisis is a threat to the US economy. They state that based on recent data from the U.S. Department of Education student loans are headed in the same directions as the foreclosure crisis.
“The report shows that the national cohort default rate on federal student loans is 7 percent for borrowers who entered repayment in 2008, which is comparable with the default rate for credit cards (8.8 percent) and home mortgages (9.1 percent). In fact, earlier this year it came to light that the total amount outstanding on student loans was $875 billion, which actually exceeded the amount that Americans owe on their credit cards.”
Read the full story here.
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The latest news about student debt. Find out the issues facings students and graduates when it comes to dealing with student debt. You can get help with your student loan debt, credit cards, private student loans and federal student loans. Options include a student loan consolidation, forbearance, change in payment plan, or a temporary deferment.
Learn how the student debt crisis can affect the U.S. economy.
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