A recent Experian study found student loans have increased by 84% since the recession (from 2008 to 2014), surpassing credit card debt, home-equity loans and lines of credit, and automotive debt. Students are defaulting on loans at higher than average rates, with the national student loan default rate at 13.7%.
There are growing concerns that student loan default rates may trigger the next phase of the great recession. Lenders can do their part to reduce defaults by educating loan holders and reviewing the latest student loan data trends.
