I’m going to be surprised if the soaring level of college student loan debt doesn’t become a political issue.
The number of student loan defaults and delinquencies are rising. The latest statistics on student loan delinquencies are shocking. The Student Lending Analytics Blog just crunched the Federal Reserve numbers on student loan delinquencies and came up with these dreary stats:
- More than half of U.S. counties (56%) had more than 10% of their active student loan borrowers delinquent for more than 90 days.
- Four states — Kentucky, Arizona, Mississippi and Delaware — had more than 90% of their counties with double-digit delinquency rates. (Delaware is misleading because it only has three counties.)
- The South seems to have the most counties with late student loan borrowers. In fact, nine out of the 10 counties with the highest loan delinquency rates are in the South.