The number of young borrowers who have fallen behind on their student loan payments has soared over the past four years, the Federal Reserve Bank of New York said in a report released Thursday.
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According to the report, 35% of people under 30 who have student loans were at least 90 days late on their payments at the end of last year, up from 26% in 2008 and 21% at the end of 2004.
The new figures, which exclude borrowers who are still in school or aren’t yet required to make payments, show that young Americans are having a tougher time repaying college loans as debt loads increase and job prospects remain shaky.
With total student-loan debt approaching the trillion-dollar mark, WSJ’s Jason Bellini deconstructs how we got here and what it all means. Image: Getty
Amplifying the burden: a growing number of young adults have become student borrowers. All told, 43% of 25-year-olds had student debt in the fourth quarter of 2012, up from about 33% in the fourth quarter of 2008.
