Debt Without Default

In a speech last year arguing that higher education faces a crisis in the U.S., Education Secretary Betsy DeVos pointed to eye-popping numbers from the federal student loan program.

Only a quarter of borrowers are making progress paying down their loans, she said, while 20 percent are either delinquent or in default. More than a million borrowers default on their student loans each year, and recent research has suggested the problem is growing worse.