Citibank Sounds The Klaxon On Pending Student Loan Debt Crisis
The pending student loan debt crisis is unnerving and it has all the same traits as the mortgage crisis. from a decade ago.
Now a major player in the global financial markets is sounding alarms.
Citi Global Perspectives & Solutions recently raises the specter to that of the subprime mortgage crisis.
According to the Citi report:
Default and 90-day delinquency rates are about 11%...to some this might appear eerily reminiscent of the mortgage crisis where delinquency rates had peaked at 11.5% in 2010.
Outstanding student debt has almost doubled since 2009. The average undergraduate student borrower graduates with more than $30,000 in debt.
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