7 Million People Haven’t Made A Single Student Loan Payment In At Least A Year
August 24th, 2015Via: ZeroHedge:
Nearly seven million Americans have gone at least a year without making a payment on their federal student loans, a staggering level of default that highlights how student debt continues to burden households despite an improving labor market.
As of July, 6.9 million Americans with student loans hadn’t sent a payment to the government in at least 360 days, quarterly data from the Education Department showed this week. That was up 6%, or 400,000 borrowers, from a year earlier.
The figures translate into about 17% of all borrowers with federal loans being severely delinquent—and that share would be even higher if borrowers currently in school were excluded. Additionally, millions of other borrowers who haven’t hit the 360-day threshold that the government defines as a default are months behind on their payments.
Each new crop of students is experiencing the same problems” with repaying, said Mark Kantrowitz, a higher-education expert and publisher of the information website Edvisors.com. “The entire situation isn’t getting better.”
my tall cousin has had a troubled life. She left school in 8th grade and was often traveling around on magazine crews. She had a heroin addiction problem, and currently is on adderall, and doctor shops for pills. She has given up multiple children to the foster system, and her oldest child is now raising her youngest child. Most recently, she got a grant or loan to enter a nursing program, and her family doesn’t think she can pay it back.
Perhaps they are going to “disappear” themselves…It is just a matter of time before the Federal Government criminalizes non-payment of student loans and cancels passports of all student loan debtors. They will become part of the American Gulag, put into privately-operated prisons, and serve the rest of their lives as slaves in payment of debts that they will never be able to satisfy.