Student Loan Delinquency Climbs To $85B in Q3

Posted By on March 5, 2012

Bad seats, hey buddy……especially if you have a student loan!  We have said repeatedly that this was going to happen, and rest assured we feel it will get worse. Lots worse!  10 percent of the outstanding loan balance shows delinquent in the third quarter of 2011, and as many as 47 percent of student-loan borrowers “appear to be in deferral or forbearance”.

And while this is happening, the schools and universities continue to spend money on building new dorms and expanding into other areas that are now considered to be a (new) school profit center, and to which the schools can pitch incoming students of the merits to borrow on student loans and go deep into debt, a debt that cannot be discharged or written off, EVER.   It’s all wrong!  And to boot…statistics show that only about 50% of the students with loans graduate!

Approximately $85 billion in U.S. student loan debt, or 10 percent of the outstanding balance, shows delinquent in the third quarter of 2011.

Of the 37 million borrowers who have student-loan balances, 14 percent, or about 5.4 million people, have at least one past due student-loan account, according to a report posted today on the Federal Reserve Bank of New York’s website.

As many as 47 percent of student-loan borrowers “appear to be in deferral or forbearance,” and didn’t have to make payments as of the third quarter, according to the report. The district bank reported last week that debt from educational loans in the fourth quarter was $867 billion, higher than credit-card debt, according to a survey of consumer credit.

And being that it’s a government loan, it has…“Some special accounting used for student loans, not applicable to other types of consumer debt”, and it also “makes it likely that the delinquency rates for student loans are understated,” wrote economists, Meta Brown, Andrew Haughwout, Donghoon Lee, Maricar Mabutas and Wilbert van der Klaauw.

“The student loan delinquency picture is not fully captured in the broad statistics since a significant proportion of borrowers and balances are not yet in the repayment cycle,”they wrote.

The average outstanding student-loan balance per person is $23,300, according to the report. A third of the borrowers are under the age of 30.

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