STUDENT LOAN DELIQUENCY IS NOW OVER 30%
5.8 million former students now are behind on their payments for school loans. The definition of “behind” is more than 90 days overdue. Many of those nearly 6 million people have just stopped making payments completely. The main reason? They don’t have a job that pays them enough to keep up with the loan payments while also paying for rent, car, phone and food expenses according to surveys. This is now the highest rate of delinquency since credit rating agencies first started reporting this information in 2012.
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