The student loan default rate is estimated on average at around 15% at any given time. This number should not come as a surprise with the higher education debt problem now at almost $1.6 trillion. Student loan debt has been on the rise as colleges have historically seen their tuition rates rise at about twice the rate of inflation.
Defaulting on student loan debt can result in serious consequences to a person’s financial life and well-being overall. Carrying a mountain of debt for higher education expenses for so many people is a stressful situation that leaves numerous borrowers choosing to default on their student loans.
This podcast episode talks about the student loan default rate.
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