She’s completing her coursework in May and figures that she’ll still owe $17,000 on her student loans

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She’s completing her coursework in May and figures that she’ll still owe $17,000 on her student loans

Total student debt load is at an all-time high, having doubled in size over the past eight years and growing at an average of 11 percent annually, according to a 2014 report from The Vanguard Group.

Delinquency and default rates have skyrocketed over the last 10 years. The number of borrowers who default each year those with payments overdue by nine months increased from about 500,000 a .

Even adjusted for the increase in borrowers, the annual default rate on all student debt increased from 2.4 percent in 2004 to 3.6 percent in 2012, the FRBNY found.

The annual default rate has since declined to 3.06 percent, although those who borrowed during the recession are still registering double-digit default rates.

The recession also convinced greater numbers of high school seniors to seek a college degree in the hopes a higher education would give them a leg up in the dwindling job ilies increasingly feeling the pinch, payday loans Virginia record numbers of students turned to federal and private loans to finance their education

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In Delaware, the U.S. Department of Education’s default rates for students who entered school in 2009 the most recent federal data available are: UD, 3.7 percent; Delaware State University, 14.1 percent; Wilmington University, 8.4 percent; Wesley College, 16.4 percent.

The leading contributor has been sharp increases in college tuition over the last decade an increase driven in large part by decreases in state funding.

“Most students go to public institutions, but the cost of college that’s being borne by the student is going up,” said Joel Best, a University of Delaware sociology professor and co-author of the 2014 book, “The Student Loan Mess: How Good Intentions Created a Trillion-Dollar Problem.”

The recession also convinced greater numbers of high school seniors to seek a college degree in the hopes a higher education would give them a leg up in the dwindling job ilies increasingly feeling the pinch, record numbers of students turned to federal and private loans to finance their education

The tight bank lending standards that come with most loans aren’t extended to student loans and with explosive growth in the borrowing pool, more and more loans were extended to riskier borrowers who found it harder to find jobs that would pay enough to cover their monthly payments.

The percentage of delinquent loans those overdue by more than 90 days doubled from 6 percent in 2005 to 12 percent in 2013

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“I don’t think there is a broad-based student loan crisis that affects most everyone with student loan debt,” said Matthew Chingos of The Brookings Institution, a nonpartisan think tank in Washington, D.C. “On average, people are doing OK. Yeah, they’re paying more for college, taking more in loans but their incomes have also gone up a bit, and they’re spreading their payments out over a longer period of time to make up for the fact that they’ve had to borrow more.

“There are real problems,” Chingos said. “There are a number of crises in student lending. But there isn’t a broad-based crisis of the kind you read about in the newspaper.”

In a study published by Brookings, Chingos and Beth Akers, relying on Federal Reserve data, concluded that borrowers are no worse off now than those of a generation ago.

They based their conclusion on three findings: more Americans going to college, and seeking graduate degrees in fields such as business or law; average lifetime incomes of college-educated Americans have “kept pace” with increases in debt loads; and the monthly payment burden students face has remained fairly constant.

“We find that, on average, increases in lifetime incomes among households with student loan debt more than offset increases in borrowing,” the two analysts wrote.

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