More on Student Debt

As I previously posted, student loan debt now exceeds credit card in the United States. In terms of future default rates, this is a coming tsunami. As USA Today reports:

"Full-time undergraduate students borrowed an average $4,963 in 2010, up 63% from a decade earlier after adjusting for inflation, the College Board reports. What's happening:

•Defaults. The portion of borrowers in default — more than nine months behind on payments — rose from 6.7% in 2007 to 8.8% in 2009, according to the most recent federal data."

http://www.usatoday.com/money/perfi/college/story/2011-10-19/student-loan-debt/50818676/1