Default Rates On Student Loans Soar To 15%

In 2010, as the buzz of economic recovery swept over the nation, we were warning of the unemployment crisis and how it would affect college graduates who were told that once out of college they’d be quickly absorbed into the job market where they’d make all of their wildest financial dreams come true.

While unemployment for college grads is 15% according to Bloomberg, we know for a fact that the overall rate of unemployment, per economist John Williams of Shadow States, is actually at around 22%.

It’s not just college students, it’s everybody – one in five able bodied Americans are out of work right now.

There is a reason that these numbers, especially for college grads, are peaking at levels we have never seen before: it’s because our economy is shambles with no clear recovery in sight.

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