Well Educated and Flat Broke

The Washington Post reports:

Deep into this recession, we know that an increasing number of people can no longer pay their mortgages, their credit card balances or their car loans. Now throw into the mix the rising number of defaults on student loans.

The percentage of those loans in default grew to 6.7, up from 5.2 percent in 2006. The figures represent borrowers whose first loan repayments came due from Oct. 1, 2006, to Sept. 30, 2007, and who defaulted before Sept. 30, 2008, according to the U.S. Department of Education.

In other words, the department reported, nearly a quarter-million student-loan borrowers went into default during that year.

An article well worth your time.