College Bubble Update: Default Rates on Student Loans Soar to 15%

“The millions of students who graduated in 2008, 2009, 2010 and 2011 are now facing the toughest job market in U.S. history, with unemployment by some accounts equal to or exceeding the Great Depression. Some 85% of college graduates have plans to move back in with mom and dad in the hopes our economy will recover. But as we have seen over the last year, there has been no such recovery, and without an income, many college grads are finding it impossible to make good on their loans. The most recent data show that over 300,000 Americans from nearly 6,000 different schools defaulted on their loans in 2009.”

Via SHTF Plan

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