It's estimated that 40% of students that attended college in 2004 will default on their student loans by 2024. Forty. Percent.https://www.washingtonpost.com/blogs/post-partisan/wp/2018/01/22/projections-for-student-loan-defaults-are-terrifying-its-time-to-act/?utm_term=.89b904eb251e …
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I understand that even bankruptcy cannot shake off such debt. Is that true? That seems ominous.
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That is correct
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For purposes of these statistics, is there a formal definition of "defaulted"? I understand the terminology with respect to loans, generally. What I'm curious about is how many of these defaults are cured -- and how long before they cure the default.
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What’s the percentage for students that attended college in later years you think? Higher or lower?
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I've also wondered how much of it is initial default due to failure to communicate. Many millennials don't respond to postal mail or unsolicited phone calls. Does it get to serious default before they realize they've needed to begin repayment?
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