Delinquent Student Loans Hit Record, 30% Of 20-24 Year Olds Are Unemployed And Not In School
by Tyler Durden
Almost a year ago we shared a calculation according to which “Over $120 Billion In Federal Student Loans In Default”, suggesting that the next credit crisis has already arrived. Since then the topic of the student loan bubble has become a household topic. Sadly, that does not mean it has gotten any better. In fact, according to the latest Education Department data it has gotten as bad as it has ever been. As Bloomberg reports, not only have overdue student loans reached an all-time high but the number of young people aged 20-24 out of school and unemployed is at a record high: not quite astronomic by European standards, but hardly a ringing endorsement of an economy set to transition labor tasks to the next generation, especially with the employment of those 55 and older at all time highs.