zerohedge | We'll let readers calculate on their own what a surge in 90+ day
delinquency from 9% to 11% (or as footnote 2 explains: 22%) in one
quarter on $1 trillion in student debt means. For those confused, read
all about it in this September article: "The Next Subprime Crisis Is Here: Over $120 Billion In Federal Student Loans In Default" which predicted just this.
And so it's official: Pop goes the student loan bubble, as just confirmed by the Fed.
Luckily student debt is dischargeable in bankruptcy. Oh wait. It isn't.
6 comments:
Mortgages next Student Loans... When massive Credit Card defaults occur it'll all be over.
Student loans were chargeable in bankruptcy (later than seven years after they had first become due) until 1997. The change came as a last minute add on to an education omnibus bill, it was three weeks or so from the first time it was mentioned in the Congressional Record until the bill was signed into law. The change went into effect immediately upon signing, which was also a bit unusual. The Internet was in its infancy, and the change came as a surprise to most bankruptcy lawyers, I can guaranfuckingtee you, since I was one of them. Thanks, Mr. Clinton. Neo-Liberalism at its finest.
Make that "dischargeable" and you've got a deal.
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