Bubble Expanding? Defaults in Student Loans Spike in 2016

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Bubble Expanding? Defaults in Student Loans Spike in 2016

Mar, 21st 2017

The stock market is up, unemployment is down but things aren't rosy for all Americans. A new analysis of government data by the Consumer Federation of America found that the number of Americans in default on their student loans jumped by nearly 17 percent last year. As of the end of 2016, there were 4.2 million Federal Direct Loan borrowers in default, meaning they've not made a payment in more than 270 days. That's up from 3.6 million at the end of 2015. "Despite all improvements in the economy, student loan borrowers are still struggling," said Rohit Chopra, senior fellow at the Consumer Federation of America and formerly the Consumer Financial Protection Bureau's Student Loan Ombudsman. As of the end of 2016, 42.4 million Americans owed $1.3 trillion in federal...

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