In a recent analysis of trends in the student loan industry, TransUnion found that private student loan delinquency (the ratio of student loans 90 days or more past due) decreased approximately 4.9 percent, down from a high of 6.34 percent in the third quarter of 2009. This quarterly decrease represents a reversal of a five-quarter trend that began in the second quarter of 2008.
However, Mississippi students are struggling. According to TransUnion’s numbers, the student loan delinquency rate in the state was 9.09 percent, second only to Florida (9.44 percent).
Nationwide, 30-day student loan delinquency rates experienced a 6.6 percent drop, down from a high of 8.06 percent in the third quarter of 2009. However, year-over-year for the fourth quarter, the 30- and 90-day delinquency rates are up from 2008 (10.4 percent and 11.67 percent, respectively) and from 2007 (16.93 percent and 15.52 percent, respectively).
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info