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Tuesday, May 30, 2017

Student loan debt in the US is so high that many aren't even paying it

Though you'd think the bubble would've burst by now, college costs are still on the rise, and as a result, student debt is at an all-time high. Among 2016 graduates who took on student loans, the average student debt load is more than $37,000, up 6% from the previous year. All told, more than 44 million Americans carry student debt to the collective tune of $1.4 trillion.
 The problem has gotten so bad, in fact, that many graduates are resorting to drastic measures to address their crippling debt. Specifically, they're not paying it. A new report from progressive think tank Demos found that almost 40% of student loan borrowers are either in default or more than 90 days late on their payments. What's even more disturbing, however, is that those owing less than $10,000 in loans have virtually the same default rate as those who owe more than $100,000.

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