If you took out a student loan in 2012, chances are you’re having a difficult time paying it back. Loans disbursed in 2012 have a higher rate of default than any other loan since the recession, Bloomberg reports.
Outstanding student loan debt reached a new record at $1.465 trillion, more than double the $675 billion outstanding in 209.
Folks who took out loans in 2012 are currently 24-33 years old. At the time, the unemployment rate was twice as high as today, making it difficult for graduates to find a position in their desired career field. It also took applicants almost three times longer to secure a job then than today.
Over 2.7 million borrowers owe more than $100K. About 700,000 people owe $200,000 or more, and nearly 2.4 million people have $60-80,000 in outstanding student loan debt. Surprisingly, 1.8 million borrowers 62 years or older still owe a combined $62.5 billion in federal student loan debt.
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