Everyone is aware of the rising cost of college and how it is affecting young adults. Employers may think the issue won’t affect their organization, but the magnitude of the student debt crisis is something companies can’t escape.
Research from the Federal Reserve Bank of New York found that currently Americans owe $1.26 trillion in student debt. Of those who hold educational loans, 11.1 percent are more than 90 days delinquent on their payments. As a point of comparison, consider the number of homeowners who were behind on their mortgage payments at the height of the housing crisis. In the first quarter of 2010 only 8.9 percent of mortgages were delinquent.
