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Student loan delinquencies on the rise

Posted by New Leaders Council 4 Admin on August 13, 2015 at 5:35 PM

Originally published on The Hill on August 13, 2015 by Peter Schroeder.

The number of Americans failing to pay back their student loans is growing, even as overall delinquencies are in decline, according to a new report.

New data from the Federal Reserve Bank of New York released Thursday found that 11.5 percent of student loan borrowers were delinquent on their debt in the second quarter of the year, up from 11.1 percent in the first quarter.
That 0.4 percent increase in delinquencies was twice as much as any other form of consumer credit, and comes as student loan debt has emerged as the largest form of non-housing consumer debt.

Delinquencies were defined as payments past due by more than 90 days, and climbed as the overall amount of student loan debt held steady at $1.19 trillion.

Read the full story here: http://thehill.com/policy/finance/251044-student-loan-delinquencies-on-the-rise