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August 16, 2017
CFPB: Student debt has doubled over last 10 years
The CFPB, in a new report released Wednesday, found that nearly half of student loan borrowers owe about $20,000 after leaving school, which is double what borrowers owed a decade ago.
The CFPB report analyzed more than 1 million student loan borrowers' credit reports that began repaying loans from 2002 to 2014. Along with the finding that more than 40 percent of borrowers leave school owing $20,000 or more, the bureau also found:
The CFPB report analyzed more than 1 million student loan borrowers' credit reports that began repaying loans from 2002 to 2014. Along with the finding that more than 40 percent of borrowers leave school owing $20,000 or more, the bureau also found:
- half of student loan borrowers are 34 or older when they start repaying loans;
- 30 percent of student loan borrowers are not paying down their loan balances after five years in repayment; and
- more than 60 percent of those borrowers not reducing their balances are delinquent on their loans.
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