Borrowers are having more trouble paying their student loans, even as the job market recovers and consumers improve their mortgage payment histories.
About 11.5 percent of student debt was delinquent or in default for at least 90 days in the quarter that ended in June, up from 11.1 percent in the previous three months, according to data released today by the Federal Reserve Bank of New York. Credit-card delinquencies held steady, at 8.4 percent.
The fresh information signals that the burden of the nation’s $1.3 trillion in education loans, primarily from the federal government, continues to trouble the economy. Student loans are becoming an issue in the presidential campaign, with candidates offering plans to ease the burden. The Congressional Budget Office estimates the amount borrowed will double by 2025.
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