4 votes

Student Loan Write-Offs Hit $3 Billion in First Two Months of 2013

WASHINGTON (Reuters) - Banks wrote off $3 billion of student loan debt in the first two months of 2013, up more than 36 percent from the year-ago period, as many graduates remain jobless, underemployed or cash-strapped in a slow U.S. economic recovery, an Equifax study showed.

The credit reporting agency also said Monday that student lending has grown from last year because more people are going back to school and the cost of higher education has risen.

"Continued weakness in labor markets is limiting work options once people graduate or quit their programs, leading to a steady rise in delinquencies and loan write-offs," Equifax Chief Economist Amy Crews Cutts said in a statement.

Continue:
http://www.chicagotribune.com/business/sns-rt-us-usa-student...

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Did i hear a pop?

Did i hear a pop?

Don't worry, they all have

Don't worry, they all have jobs waiting for them, as our high school guidance counselors assured us they would.

Southern Agrarian

bigmikedude's picture

+1

for pointing out that a fact has become sarcasm, while the sarcasm has become the fact.