Fewer student loan borrowers falling behind on payments: Report
Summary
The Federal Reserve Bank of New York reported that fewer people with student loans are late on their payments compared to last year. About 7.8 percent of borrowers missed three or more monthly payments in the second quarter.Key Facts
- The delinquency rate refers to the share of borrowers late on payments.
- In the second quarter, 7.8% of student loan borrowers missed at least three monthly payments.
- This is a decrease from the same time period one year earlier.
- The data comes from the New York Fed’s quarterly report on household debt and credit.
- Student loan delinquency is a measure of financial difficulty for borrowers.
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