Friday, November 9, 2018

New study: Almost half of borrowers will default on student loans in coming years - Bonnie Meibers, West Fargo Pioneer

If you feel like you may never pay off your student loans, you’re not alone -- over 1 million people default on their student loans every year. According to studies from research groups Urban Institute and the Brookings Institute, by 2023, 40 percent of borrowers may default on their student loans, by not making payments for nine months or more. The average time it takes for someone to pay off their student loans is 19.4 years, and according to an Urban Institute study, student loans are the second largest debt category in the U.S., ranking behind mortgages.

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