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.
If you have questions about foreclosure, loan modification, bankruptcy, or other alternatives, please feel free to call my office at 954-484-9987. Or, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.
