Once someone goes into default over their student debt, it could impact on their credit score and lead to payments being deducted from paychecks.
In 2018, the Brookings Institute published research suggesting that if cumulative default rates were to continue as they had been previously, nearly 40 percent of student borrowers could default by this year.
The Brookings study predated the pandemic, and the two-and-a-half-year freeze on repayments, so the risk of so many Americans defaulting on their debt may not be immediate after repayments start. Brookings said at the time that student loans were the second-largest source of household debt after housing repayments.According to LendEDU, a consumer financial advice firm, the federal government only considers loans to be in default after 270 days of non-payments.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Comal ISD middle, elementary students win stock market gameThe Stock Market Game provides students with the opportunity to learn the value of long-term investing through an online educational program offered to teachers in Central Texas.
Read more »
‘The Bear’ Creator Christopher Storer Joins Mob Movie That Once Intrigued Martin Scorsese, Michael MannTheBear creator Christopher Storer will tackle “The Winter of Frankie Machine,” a film about a hitman. The project previously attracted attention from the likes of Martin Scorsese, as well as Michael Mann and William Friedkin.
Read more »
‘Aggressive cow’ alert once again issued by Pa. university: reportA bull that was spotted Sunday roaming a Pennsylvania university campus was once again spotted in the area Wednesday.
Read more »
Students Send Insta360 X3 Nearly 20 Miles HighA student team sent up a Insta360 camera 20 miles toward space and captured incredible views of Earth.
Read more »
After protecting students from gangs, Brentwood officer helps them launch musical careersWhat began as a daily lunchtime jam session would eventually become Grupo L – the L for Liberty High School. The students, playing regional Mexican music, began drawing a crowd every day.
Read more »
School Official Looked the Other Way as Students Ate Tainted ChickenA former senior official in NYC’s Department of Education was found guilty in a sprawling bribery scheme that saw him turn a blind eye as public school students were served up chicken tenders tainted with bits of metal, plastic, and bone.
Read more »