Student Debt Is More Subprime Than Ever

Student Debt Is More Subprime Than Ever
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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.

From WSJ:

“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. 

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Paul Hudson

A young writer, philosopher, and entrepreneur, Paul Hudson (@MrPaulHudson) has been writing for Elite Daily nearly since the start. Currently located in Manhattan, Paul Hudson primarily devotes his time between writing for Elite Daily and a mining startup in Turkey. He loves sharing his life experiences with his readers and makes sure to practice what he preaches.

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