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As explained in a Liberty Street Economics blog post, these delinquency rates for student loans are likely to understate actual delinquency rates because almost half of these loans are currently in deferment, in grace periods or in forbearance and therefore temporarily not in the repayment cycle. This implies that among loans in the repayment cycle delinquency rates are roughly twice as high.

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Why can't people accept responsibility for their choices and buckle down?

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This really pisses me off. I worked two jobs, 7 days a week for several years to pay off my student loans. Why can't people accept responsibility for their choices and buckle down?

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What are the consequences of default? The consequences of default can be severe: The entire unpaid balance of your loan and any interest is immediately due and payable.
You lose eligibility for deferment, forbearance, and repayment plans.
You lose eligibility for additional federal student aid.
Your loan account is assigned to a collection agency.
The loan will be reported as delinquent to credit bureaus, damaging your credit rating. This will affect your ability to buy a car or house or to get a credit card.
Your federal and state taxes may be withheld through a tax offset. This means that the Internal Revenue Service can take your federal and state tax refund to collect any of your defaulted student loan debt.
Your student loan debt will increase because of the late fees, additional interest, court costs, collection fees, attorney’s fees, and any other costs associated with the collection process. Your employer (at the request of the federal government) can withhold money from your pay and send the money to the government. This process is called wage garnishment.
The loan holder can take legal action against you, and you may not be able to purchase or sell assets such as real estate.
Federal employees face the possibility of having 15% of their disposable pay offset by their employer toward repayment of their loan through Federal Salary Offset.
It will take years to reestablish your credit and recover from default.

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mograyback

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I was in Milwaukee the night of the election. The hotel bar had a handful of idiots high fiving each other and doing shots because Obama won and all their student loans would be forgiven

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frick yeah, I am not a statistic (at least not a bad statistic)

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This really pisses me off. I worked two jobs, 7 days a week for several years to pay off my student loans. Why can't people accept responsibility for their choices and buckle down?

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Oh cry a river.

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Oh cry a river.

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I think the biggest reason is that they can't get a job. At the very least, they can't find one off of minimum wage.

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