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More Than 7M Student Borrowers in Default: CFPB

More Than 7M Student Borrowers in Default: CFPB

WASHINGTON — There are more than 7 million borrowers in default on federal or private student loans, according to the Consumer Financial Protection Bureau.

In a blog posting Monday, the CFPB said it found that among those borrowers, about 6.5 million borrowers had defaulted on two federal loan programs as of June 30. The agency does not have regulatory jurisdiction over federally-backed loans but they make up more than 83% of the roughly $1.2 trillion loan market.

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