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The default clock is ticking on student loans.
Student loan exposure should be on your radar, even if your institution doesn’t offer student loans.
Either way, you definitely have consumers affected by changes in the federal student loan program. Forbearance and repayment plans are in limbo, but one thing is clear:
There are 9.2 million borrowers behind on their student loan payments, which means more than one-fifth of the country’s roughly 43 million borrowers are at risk of default.*
With student loan delinquency on the rise, you can’t afford not to know your institution’s level of student debt risk. Cash flow—and the ability to meet debt commitments—is a real issue for many student loan borrowers.
“The age of leniency is over. The default clock is ticking.”
*Source: NPR
An Equifax portfolio review will help you proactively answer these important questions and more:
- Which of my consumers have student loans with other lenders?
- How much student debt do these consumers owe?
- What is the student loan-to-income ratio for my consumers?
- How quickly can I respond to changes in my consumers’ financial situations once student loans are added to the picture?
We can help you prepare now and prevent losses. Don’t wait until the alarm sounds—get in touch today!