Are Student Loan Delinquencies on the Rise?
Delinquent payments on student loans rose at the end of 2014. This is a troubling sign as many more American fell behind on payments to a massive amount student loan lending. Data from the New York Federal Reserve Bank found 11.3% of student loans were in default on their repayment obligations.
A research officer at the New York Federal Reserve Bank says delinquent student loans, and student loan debt in general, is permitting borrowers from starting and forming households after their education is completed. Student loan debt is only a recent occurrence because in 2005 it stood at $363 billion. Today, student loan debt from the government and private lenders is estimated to be around $1.3 trillion dollars. If you are burdened by a private student loan, contact a qualified debt settlement attorney. This expert can guide you through the law and the options available to alleviate this debt burden.