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1.1 Million Student Loans In Default
Updated March 15, 2017 5:02 AM | Filed under: Education
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(UNDATED) - An analysis of data from the U.S. Department of Education reveals that 1.1 million federal student loans were in default at the end of 2016, the Consumer Federation of America reported.

At year's end, 42.4 million Americans owed $1.3 trillion on loans taken to finance college tuition and related expenses.

"Our broken system works well for the student loan industry, but is failing borrowers, taxpayers, and our economy," CFA senior fellow Rohit Chopra said.

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