The increase in the student loan debt has serious implications for consumers. The average student loan delinquency rate is 8.8%.

According to the Consumer Financial Protection Bureau, student loan debt recently reached a new milestone, crossing the $1.2 trillion mark — $1 trillion of that in federal student loan debt. On the other hand, the Federal Reserve Bank of New York recently indicated that student debt is the only kind of household debt that continued to rise through the Great Recession and has now the second largest balance after mortgage debt.

About 44% of student loan borrowers are not yet in repayment due to deferments and forbearances. About 17% of borrowers are past due on their student debt more than 90 days, a large increase from under 10% in 2004. 44% of borrowers are not yet in repayment, and excluding those, the effective 90+ delinquency rate rises to more than 30%. The transition rate of borrowers in repayment from current to delinquent has been rising since 2008 from around 6% to nearly 9%.

CONSUMER provides counseling to consumers who are facing problems in the repayment of their student loan debts. One of our certified counselors can evaluate your loan repayment alternatives. They will contact the agency in charge of collecting this debt in order to explore options on your behalf. Similarly, they will prepare a budget to help you comply with the established agreement.

You may set up an appointment at any our branches by calling 1-855-717-2227 or (787) 722-8835.