![]() For FY 2019, the 3-year national cohort default rate is 2.3. That’s wrong to me.” Rhiannon Dodds Funke, 45, University Place, Wash. Department of Education releases official cohort default rates once per year. “Not a great proposition, which would involve three generations paying for undergraduate degrees,” he said. “We’re kind of floating along or treading water,” he said, but repaying the PLUS loans will mean dipping into and eventually “getting rid of all those reserves.”ĭonohue and his wife have considered paying off the loans in a lump sum, but that would “deplete our savings” as well as any leftover money Donohue inherited from his parents. “We have major family debt for having four kids who attended and graduated from public colleges, which are exponentially more expensive than a generation ago,” he said.ĭonohue said his wife recently retired from her job as a dental assistant, and while he retired after 20 years in customer service for AT&T, he still works part-time to bring in extra income. “I’m 40 now and have no significant retirement savings and feel like I’ve done everything that you’re supposed to do along the way, that we’re taught as kids,” he said. Lexi West is a principal associate with The Pew Charitable Trusts’ project on student borrower success, and Ilan Levine is an associate and Ama Takyi-Laryea is a manager with Pew’s student loan research project. So, it gets stacked onto the credit cards,” he said. This analysis excluded 14 borrowers who did not know the repayment status of their undergraduate loan (s). “Like most folks, I’m about $500 underwater every month when all the bills are paid. Kruchten, who works as an operations manager and is a board member of Rockford Promise, an organization that aims to send public school students to college tuition-free, said he plans to soon decide “which house repair gets delayed another month.” "My daughter’s in dance, and so cutting back on that.” “Sports lessons are kind of on the chopping block," he said. Graph and download economic data for Delinquency Rate on All Loans, All Commercial Banks (DRALACBN) from Q1 1985 to Q2 2023 about delinquencies, commercial, loans, banks, depository institutions, rate, and USA. Instead, those plans are shelved, along with going to movies and eating out with his two children. “I was hoping to replace my 21-year-old car and hopefully jumpstart retirement savings.” ![]() “It felt incredibly doable,” said Kruchten, who earned a bachelor’s degree in business from Northern Illinois University and a Master of Arts in higher education administration from the University of Mississippi more than a decade ago.
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