Student Loan Defaults Soar By 36% Compared To Year Ago

The growing debacle that is the US student loan bubble - nearly the same size and severity as the Subprime crisis at its peak- has been painfully dissected on these pages in the past, so at this point the only thing remaining is to keep track of the bubble growing exponentially in real time as it hits all time records, and eventually pops. Helping us to track the realtime growth is the latest data from Equifax, via Reuters, which confirms what everyone knows: things in student bubble land are getting worse by the minute. Much worse, because in just the first two months of 2013, banks wrote off $3 billion of student loan debt, up more than 36 percent from the year-ago period, as many graduates remain jobless, underemployed or cash-strapped in a slow U.S. economic recover. 

Read more: http://www.zerohedge.com/news/2013-03-26/student-loan-defaults-soar-36-compared-year-ago