A record number of students are in default on their college loans.
LOUISVILLE, KY (WAVE) - A record number of students who borrowed money to pay for college are in default on their loans, according to the latest federal data.
The U.S. Department of Education reports in the most recent tracking period, 593,182 of borrowers, or 11.3 percent, defaulted on their loans. That's down slightly from the prior year, yet overall total number of borrowers in default continues to grow.
A record 8.1 million people now have student loans that are in default. The current student loan debt in the United States stands at $1.4 trillion dollars, nearly as much as the nations credit card and auto loan debt combined. To view the student loan debt clock, click here.
According to the institute for college access and success (TICAS) of the 593,000 borrowers who entered repayment in 2013 and defaulted by 2015, 209,000 (35%) attended for profit colleges, which enrolled only 10% of all students.
Of the 10 schools facing potential sanctions, TICAS reports nine are for profit colleges.
To read the entire U.S. Department of Education release on the latest student debt data, click here.