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Student Loan Optimism Contrasts With Rising Delinquencies
Student Loan Optimism Contrasts With Rising Delinquencies
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BTCCSquare news:
Despite record delinquency rates among student loan borrowers, nearly 25% expect to eliminate their debt within the year. The Department of Education's May resumption of collections on defaulted loans has intensified financial pressures, particularly for older borrowers who express greater pessimism about ever achieving debt freedom.
Synchrony Financial CFO Brian Wenzel observed at Barclays' Global Financial Services Conference that student loan holders currently maintain credit card payment parity with debt-free consumers—a surprising resilience given the $1.7 trillion student debt burden. This bifurcation in borrower outlooks emerges as 4 million accounts hover NEAR default, marking the highest pre-default volume ever recorded.
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