From the New York Times comes this stunning report:  One in every six student borrowers is now in default to the tune of $76 billion–that’s with a “B”–which is more than annual tuition bill for all students at public 2- and 4-year colleges and universities.  Federal student financial aid has become the path to debt slavery.
As the Times reports, “As the number of people taking out government-backed student loans has exploded, so has the number who have fallen at least 12 months behind in making payments — about 5.9 million people nationwide, up about a third in the last five years.”In all, nearly one in every six borrowers with a loan balance is in default. The amount of defaulted loans — $76 billion — is greater than the yearly tuition bill for all students at public two- and four-year colleges and universities, according to a survey of state education officials.”

See more at “Once a Student, Now Dogged by Collection Agencies” in the New York Times.
HT:  Jess Monnette