Daily Digit: Student loan debt is much worse than you think
Daily Digit is the story behind the numbers that make our world work. Today we’re looking at the student debt crisis. According to a new report by the Urban Institute, education debt has tripled in the U.S. and now exceeds 1.5 trillion dollars. More than 1 million Americans default on their student loans each year, making it a bigger threat than auto, mortgage, or credit card debt. By 2023, nearly 40% of borrowers are expected to default on their student loans. That can result in a significant drop in credit scores and lead to balance increases from collection fees and interest.
