Student debt continues to rise as more and more student loans fall into the “subprime” category —meaning they are very unlikely to be paid back.
“In all, 33% of all subprime student loans in repayment were 90 days or more past due in March 2012, up from 24% in 2007, according to a Wednesday report by TransUnion LLC.
Meanwhile, the Chicago-based credit bureau found that 33% of the almost $900 billion in outstanding student loans was held by subprime, or the riskiest, borrowers as of March 2012, up from 31% in 2007.”
With the economy on an unexpected downturn, things are starting to look worse than ever.
Paul Hudson | Elite.