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Sunday, March 25, 2012

Recovery In Action: Nearly $300 Billion Student Debt In Default

The student loan bubble racket is bursting. With student loans topping $1 trillion and defaults running high, many if not most of these loans will never be repaid.
You keep hearing that economic recovery is gathering strength. (Which in practice translates into record numbers of people on food stamps, fewer people working for a living, and a drop in both new and existing home sales.) But here’s a big D-Minus that could bring down the whole economy’s GPA: According to the new Consumer Financial Protection Bureau, outstanding student loan debt now tops $1 trillion. And more than a quarter of that debt is delinquent.
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