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- #21
You are living in a bubble....
The student loan debt crisis is looming larger than ever. According to a new report by the Department of Education, default rates on student loan debt have soared to 13.4 percent during the first three years of the debt repayment. More than one in 10 borrowers have already defaulted on student loan repayments, and the crisis is just getting underway. With the total amount of student loan debt surpassing $1 trillion (and exceeding total credit card debt) for the first time ever earlier this year, indications are that, absent a quick and vigorous economic recovery, unemployed or underemployed college graduates tens of thousands of dollars in debt will continue to default at an accelerating rate.
The student loan debt crisis is looming larger than ever. According to a new report by the Department of Education, default rates on student loan debt have soared to 13.4 percent during the first three years of the debt repayment. More than one in 10 borrowers have already defaulted on student loan repayments, and the crisis is just getting underway. With the total amount of student loan debt surpassing $1 trillion (and exceeding total credit card debt) for the first time ever earlier this year, indications are that, absent a quick and vigorous economic recovery, unemployed or underemployed college graduates tens of thousands of dollars in debt will continue to default at an accelerating rate.