Also in this playlist...
This transcript is automatically generated
Let's get back to that breaking news now on the student loan rescue plan from President Obama -- is the Wall Street Journal saying President Obama will let people with private loans refinance into a government program with low interest rates Richardson joins us now -- I got that right I'm trying to -- list down to a basic point.
You've got -- private offered student loan.
You will be allowed to -- -- -- the lower rate into a government -- that's it.
That is it according to the Wall Street Journal Steward and -- we know the president according to White House officials will be announcing a plan a comprehensive plan to allow students.
A little easier time paying back their student loans especially when you look at some of the debt -- that are coming out what what's the default rates on student loans right now you know.
Of the latest statistics we have from the Department of Education show in 2009 it was an eight point 8% up from the previous year at 7%.
If you look at just for profit schools.
You're up from what eleven point 6% to 50% in in 2009 there's some other statistic to show.
That's above 10% all that that's crisis level that that really is rather -- crisis solved now.
How about the total amount the dollar -- law for outstanding student loans worries but that's another one it's there estimates out there Stuart anywhere between a half trillion and exceeding one trillion dollars at some been in that there are number of different estimates out there that that you barriers to what the specific number.
An outstanding loans are.
OK so the bottom line what I'm hearing from -- rich is that there is a very high default rate.
On a very large chunk of money and that's the situation right now correct it is and the latest statistics we have are from 2009 so we're still two years behind on all that -- an awful lot of economic uncertainty and the negative news coming at in that time period we sure have all right Richardson good stuff thanks very much indeed quick.
Filter by section