“How high those delinquencies rates actually are, though, is an open question, which is turning into confusion on how to fix the problem. The most dire assessment is that one in three borrowers trying to repay student loans was late by 90 days or more at the end of 2012, according to The Federal Reserve Bank of New York in April. The U.S. Department of Education only publishes default statistics, and the official number of borrowers who default within two years of entering repayment is currently 10 percent. The default rate after three years is 14.7 percent. The default rates have been widely criticized for not giving an accurate picture of the number of student loan borrowers in distress.”
http://www.reuters.com/article/2014/06/02/us-column-weston-idUSKBN0ED1GW20140602
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