State near top in student loan delinquencies
by Wally Northway
Published: April 28,2010
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).
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