From American Thinker:
The student loan debate in Congress is bringing to the forefront the student loan crisis plaguing our nation, as well as the financial instability of academic institutions in the United States.
Relative to the student loan crisis, the New York Federal Reserve concluded in its 2012 report that the obligations for student loans total approximately $1 trillion, or approximately $25,000 per graduate.
The report notes that there are over 15 million borrowers under the age of 30, while the total number of borrowers is almost 39,000,000. The delinquency rates on the loans range between 10% to 20% for the various age categories.
Surprisingly, the report indicates that there are 2.2 million borrowers over the age of 60, with an average balance due of $19,000. The delinquency rate for these borrowers is approximately 12%.
Concurrent with the higher student loan balances, college enrollment rates for students have declined 2.3% in 2013 compared to 2012. This decline is the first downward trend in enrollment in decades.
