Collector - November 2017 - 10

FYI

Graduating in
Record Debt
Research shows student loan debt has
reached an all-time high and affects
every generation of consumers.

M

ore than 44 million Americans
are currently grappling with
student loan debt. The average
total student loan balance is more than
$34,000 -a 62 percent increase since
2007. And according to a recent study by
Experian, as college costs continue to rise,
students are taking out more loans to pay
for their education tuition too-about
3.7 loans per student, up from 2.4 loans a
decade ago.
There is a bright spot, though: Experian
has found that many student borrowers
are paying off their loans on time, and
delinquency rates on student loan debts have
dropped 10.1 percent since 2009.
Michele Raneri, vice president of analytics
for Experian, noted that even though student
loan balances are on the rise, "consumers are
managing their loan payments better than
they have in the past."
Does a college degree still offer a good
return on investment for students today?
Rod Griffin, director of public education
for Experian, noted, "In most cases, higher
education is worth the investment because
student loans pay off in the form of higher
income over time. But it's especially

10

important for young people to understand
the terms of their loans."
As the next generation of students
seeks higher education opportunities, the
importance of understanding debt obligation
is magnified further.
"Failure to repay even one of the loans or
poor payment behaviors could do longlasting damage to your credit history and
scores," Griffin said. "Just as the value of your
degree is measured over your entire career,
how you manage your student loans will
impact your financial future."
It appears the youngest generation is
already heeding his advice. A College
Savings Foundation survey found that high
school sophomores, juniors and seniors
are concerned about their ability to repay
future student loans; the number of students
who planned to take on debt to fund their

education dropped from 21 percent in 2016
to just 11 percent this year. And close to 80
percent of high school students said that
costs are a factor in determining which
college they will attend.
"We are pleased to see this year's high
school students demonstrate a strong
appetite for making responsible costeffective choices," said Richard Polimeni,
chair of the College Savings Foundation.
"This bears out the emerging profile of
Generation Z students as financially careful
and debt averse."

ACAINTERNATIONAL.ORG


http://www.ACAINTERNATIONAL.ORG

Table of Contents for the Digital Edition of Collector - November 2017

Upfront
Industry News
Best Practices
FYI
Collection Tips
Making the Right Choice
Getting Your Ducks in a Row
Highlight Reel
Putting it all Together
Calendar
Honor Roll
On Call
Hire Purpose
CFPB Pursues Two Student Loan Servicers
Compliance
ACA SearchPoint
Last Word
Collector - November 2017 - Cover1
Collector - November 2017 - Cover2
Collector - November 2017 - 1
Collector - November 2017 - Upfront
Collector - November 2017 - 3
Collector - November 2017 - Industry News
Collector - November 2017 - 5
Collector - November 2017 - 6
Collector - November 2017 - 7
Collector - November 2017 - Best Practices
Collector - November 2017 - 9
Collector - November 2017 - FYI
Collector - November 2017 - 11
Collector - November 2017 - Collection Tips
Collector - November 2017 - 13
Collector - November 2017 - Making the Right Choice
Collector - November 2017 - 15
Collector - November 2017 - 16
Collector - November 2017 - 17
Collector - November 2017 - Getting Your Ducks in a Row
Collector - November 2017 - 19
Collector - November 2017 - 20
Collector - November 2017 - 21
Collector - November 2017 - 22
Collector - November 2017 - 23
Collector - November 2017 - 24
Collector - November 2017 - 25
Collector - November 2017 - Highlight Reel
Collector - November 2017 - 27
Collector - November 2017 - 28
Collector - November 2017 - 29
Collector - November 2017 - 30
Collector - November 2017 - 31
Collector - November 2017 - Putting it all Together
Collector - November 2017 - 33
Collector - November 2017 - 34
Collector - November 2017 - 35
Collector - November 2017 - Calendar
Collector - November 2017 - Honor Roll
Collector - November 2017 - On Call
Collector - November 2017 - 39
Collector - November 2017 - Hire Purpose
Collector - November 2017 - 41
Collector - November 2017 - CFPB Pursues Two Student Loan Servicers
Collector - November 2017 - 43
Collector - November 2017 - Compliance
Collector - November 2017 - 45
Collector - November 2017 - ACA SearchPoint
Collector - November 2017 - 47
Collector - November 2017 - Last Word
Collector - November 2017 - Cover3
Collector - November 2017 - Cover4
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