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FBN’s Adam Shapiro with the latest student loan debt numbers from the Federal Reserve Bank of New York.
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Believe it or not jumping ahead of -- outlook consumer debt more than even credit cards and auto loans saw very -- Adam Shapiro joining us now with more on this story -- And the numbers although frightening do pose problems for a lot of people spoke to one analysts who said the numbers themselves are frightening but not a signal that there's.
Need for a bailout just -- let's going to some of these numbers according to Federal Reserve Bank of New York looking at data that's up to speed as of September of this year.
Outstanding -- loan balance is 956.
Billion dollars some steady say it's already over a trillion.
11%.
Are seriously delinquent mean -- more than ninety days past due and by one account that could actually be double.
Because some of these loans are deferred -- in -- Barron's.
So it could be a lot worse than 11% delinquent nine point 1% default rate now the federally backed student loans.
Account for 85%.
Of the outstanding balances out there there are six different programs.
For people who -- student loan debt to modify their loans not get rid of them.
But to make the payments a little bit easier it's the 15% roughly a 150 billion left privately funded student loans.
That are in trouble and Citigroup says it could be 74 to 75 billion dollars should congress try to bail those people -- -- -- -- A growing problems they say alright Adam Shapiro thank you very much appreciate it and many of those bonds -- held by like --
