Student debt continues to rise
The Federal Reserve Bank of New York released a study where it analyzed Equifax credit reports and shows $870 billion in outstanding student loans. It also revealed a concentration of debt among young people: 40.1% of people under the age of 30 have outstanding student debt, compared to 25% of people between the ages of 30 and 39.
The Federal Reserve estimates that about 27% of borrowers have past-due balances on their loans. The delinquency rate on federal student loans is higher than it was a decade ago, and as the total balance of outstanding loans grows, it is important to take into account the consequences of full default.
Help is available
CONSUMER offers guidance to individuals who are having trouble repaying their student loans. A certified counselor can guide you on options for repaying your loans.
You will contact the agency that handles your loan to evaluate the alternatives available to you. In turn, it will help you prepare a budget so that you can stick to the established agreement.
CONSUMER is a private, non-profit organization dedicated to providing consumers with the highest quality financial education and counseling services.