The latest figures on government-backed student loans are in, and with them, the news that the US government took $176 million out of ex-students paychecks and Social Security in the last three months of 2015.
That’s up $6M from the previous three months.
In addition, ex-students who’d gotten behind on their payments coughed up $1.7B in “rehabilitation” payments and $82.9 in “voluntary” payments.
2015 saw more than a million student borrowers enter “delinquency” on their debts, and most of these borrowers had entered delinquency at least once before.
It paints a picture of millions of Americans struggling with debts from the most expensive post-secondary system in the world, a system whose costs have ballooned even as payments to teaching staff and job prospects for grads have shrunk.
