3,000 Borrowers Defaulted on Their Federal Student Loans Every Day

Student loan debt is the next financial crisis happening in America today…. and it gets worse by the minute.

CNBC reports:

More than 1.1 million borrowers defaulted on their federal student loans last year

On average, more than 3,000 borrowers default on their federal student loans every day.

The number of people who have defaulted on their federal student loans increased 17 percent from 2015 to 2016, according to a Consumer Federation of America analysis of U.S. Department of Education data.

“Despite a booming stock market and unemployment falling, student loan borrowers are struggling,” said Rohit Chopra, a senior fellow at the Consumer Federation of America and a former student loan ombudsman at the Consumer Financial Protection Bureau.

Last year, 42.4 million Americans owed $1.3 trillion in federal student loans. More than 4.2 million borrowers were in default as of the end of 2016, up from 3.6 million in 2015. In all, 1.1 million more borrowers went into or re-entered default last year.

People who have defaulted on their student loans “are going to have a tougher time passing an employment verification check, saving for retirement or ever buying a home,” Chopra said. Borrowers in default can also have their wages garnished and their tax funds seized.

 

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With a background in politics and the law, comedian and best selling author Tim Young brings an edgy conservative take on the day’s news and everyday life to venues and readers across the country. His singular view of contemporary America has been featured by stalwarts of the conservative movement like CPAC and Fox News, yet finds itself equally at home challenging thought leaders from the left at the National Press Club and The Huffington Post. Tim has performed in theaters, comedy clubs, and at colleges nationwide with everyone from political insiders and media talking heads to the man-on-the-street subject to the quick wit and snarky attitude that feeds his appearances on dozens of talk radio shows including Fox News Red Eye, HuffPo Live, CNN, and Russia Today. Tim also runs his mouth everyday to a growing fan base of tens of thousands on Twitter who don’t seem to care that he’s from Baltimore.