Millions of student loan borrowers aren’t repaying their loans — and defaults are up

Roughly a million borrowers defaulted on their federal student loans late last year, with millions delinquent on their payments and sliding toward the same fate. That’s according to federal data and the latest Household Debt and Credit Report from the Federal Reserve Bank of New York…. The report offers further confirmation of a crisis in the U.S. student loan portfolio, in which too many borrowers are not repaying their student loans. Nearly 10% of student loan balances are more than 90 days past due