Larger Student Loan Debts, Less Ability to Repay
January 31st, 2013So it goes…
Via: CNBC:
Americans now owe an average of $27,253 in student loans as the delinquency rate has increased by more than 47 percent since 2005, according to a new report.
Some 27 million borrowers, or slightly more than 13 percent of the country, have two or more outstanding student loans, according the report from FICO Labs, the research arm of the credit-score agency. That number has more than doubled in the past eight years. In the 2005 report, the average student loan debt was $17,233.
In the latest study, the average credit score for new loans was going down as students with less ability to repay their loans are being granted loans with fewer questions.
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