That’s right. According to the Wall Street Journal, only 60 percent of Americans with federal student loans are current on their loans. The rest, about 22 million people, are in default, delinquent on their payments, or have received permission to postpone current payments.
Even many borrowers who are current on their loans are paying very little. More than a third of borrowers on an income-based repayment plan had monthly payments of zero because their incomes were so low, according to a Navient survey last year.
The Education Department, through private debt-collection agencies, garnished $176 million in Americans’ wages in the final three months of last year for student debt, federal data show.
Is this any way to fund higher education?