15,000 New Student Loan Defaulters a Month

We think it is going to be much worse than 15,000 defaulters per month in a year's time.

For the most part, companies stop hiring before undertaking massive layoffs. With the daily news of lost jobs, it is doubly bad for new college graduates - they have almost no chance of finding work that can pay the bills.

“I’ve done what I’m supposed to do, and they’re holding me hostage,” says Judy Ellis

Nextstudent.com reports that the credit freeze is making it impossible for a student to come out of default status once he or she has entered that status.

And the economy has made it mighty easy to slip into the dreaded default status.