Student Debt Is More Subprime Than Ever
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.