Student Loan Delinquency Reached $85 billion in the 3rd quarter of 2011

The Federal Reserve Bank of New York posted a report on their website recently regarding student loans. The following is some of their findings:

  • About $85 billion in US student loan debt, or 10 percent of the outstanding balance, was delinquent; in the third quarter of 2011.
  • Of the 37 million borrowers who have student-loan balances, 14%, or about 5.4 million people, have at least one past due student-loan account.
  • As many as 47 percent of student-loan borrowers appear to be in deferral or forbearance; and didn’t have to make a payment as of the third quarter.
  • The debt from student-loans reached $867 billion in the fourth quarter of 2011, higher than credit-card debt.

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