Record Number Of Students Defaulting On Student Loans


A RECORD NUMBER OF AMERICANS ARE DEFAULTING ON STUDENT LOANS NEW ANALYSIS SHOWS 4

2 MILLION AMERICANS ARE IN DEFAULT AT THE END OF THE 2016 THAT'S UP 17% FROM THE YEAR BEFORE THE AVERAGE DEBT WE ARE TALKING ABOUT IS OVER $30,000 PLENTY OF PEOPLE ARE WAY OVER THAT I WONDER WHAT DEFAULT IS

YOU THEIR WE HAVE A DEFAULT CRISIS THAT MEANS 270 DAYS WITH NO PAYMENT THAT MEANS NINE MONTHS YOU HAVE NOT PAID A DIME NOT A DIME THAT'S AN INCREDIBLE AMOUNT OF TIME TO NOT PAY ANYTHING

YOU GET THE MONTHLY BILL AND YOU ARE LIKE TO PASS MAYBE YOU CHECK YOUR MAIL ONCE A MONTH IS THIS THE PROBLEM? MAYBE THEY DON'T KNOW THEY NEED TO CHECK THEIR MAIL THEY DON'T KNOW WHERE TO GET STAMPS WE ARE KIDDING ABOUT THAT

THIS IS SERIOUS I DIDN'T KNOW MUCH ABOUT WHAT DEFAULTING WAS IT HAS A HUGE IMPACT BECAUSE ONCE YOU DO THIS YOUR CREDIT SCORE GOES DOWN TO THE 300S THEY CAN GO AND TAKE MONEY OUT OF YOUR WAGES BECAUSE YOU HAVE NOT PAID THESE LOANS WE ARE TALKING LAST YEAR IN 2015, 3

6 MILLION PEOPLE DIDN'T PAY LOANS FOR NINE MONTHS UP TO 47, THAT'S A BIG INCREASE FROM ONE YEAR TO THE NEXT SOME ARE FIRST-TIMERS SOME ARE FREQUENT FLIERS IT IS THEIR SECOND OR THIRD TIME IN DEFAULT

2016 UNEMEMPLOYMENT DROPPED FROM 53% TO 49% THE GOVERNMENT CREATED ALL OF THESE FLEXIBLE REPAYMENT PLANS WHICH DIDN'T USED TO BE THERE

PEOPLE AREN'T REALLY TAKING ADVANTAGE OF THEM APPARENTLY YOU WOULD EXPECT THAT NUMBER TO GO DOWN THE DEFAULT NUMBER A LOT OF THIS STUFF I THINK CAN BE CONFUSING PEOPLE THEY NOT KNOW YOU CAN CURVE PAYING YOUR LOANS FOR A COUPLE OF YEARS

MAYBE THERE IS A LACK OF EDUCATION ON SOME OF THAT STUFF I THINK THAT WHEN YOU ARE 22 TO 23 YOU DON'T HAVE A REAL GOOD IDEA ON THE IMPACT OF A LOW CREDIT SCORE WHEN SOMEONE SAYS IT IS 300 YOU DON'T KNOW WHAT IT TAKES TO RECOVER THAT I THINK IT IS SO EASY TO STAY PEOPLE ARE INTENTIONALLY NOT PAYING

THAT'S PART OF IT IF YOU CAN NOT PAY ONE MONTH AND NOTHING HAPPENS TO YOU YOU MIGHT NOT PAY THE SECOND MONTH IF YOU CAN NOT AFFORD TO MAKE A BIG PAYMENT NEXT THING YOU KNOW NINE MONTHS PASSED AND YOU ARE IN A DEFAULT ZONE WE ARE TALKING ABOUT ADDRESSING THE STUDENT LOAN CRISIS THIS IS A GOOD PLACE TO START

GOING AFTER THE COMPANIES FIGURING THIS OUT

Source: Youtube


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AJ

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