Part 1/9:

The Skyrocketing Default Rate on Student Debt: An Impending Economic Crisis

In a startling revelation from the New York Federal Reserve, the default rate on student debt has surged to 15%, a situation poised to destabilize the credit scores of approximately 9 million borrowers in the United States. This significant increase comes on the heels of a five-year government mandate that allowed student loan borrowers to defer interest payments. However, the tide has turned, and borrowers are now required to start repaying their loans. Failure to comply will lead to credit information being reported to agencies, raising alarms for economic implications nationwide.