A new Brookings Institution report offers startling results that suggest “the looming student default crisis is worse than we thought.”
According to Judith Scott-Clayton, a non-resident senior fellow at Brookings and author of the report, the analysis “suggests that nearly 40% [of borrowers] may default on their student loans by 2023.”
At nearly $1.4 trillion in loans outstanding, student debt is now the second-largest source of household debt, after housing. It is the only form of consumer debt that continued to grow in the wake of the Great Recession.
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