WASHINGTON, April 23 (UPI) -- A survey by the Institute of Higher Education Policy found one in four U.S. borrowers is having trouble making full monthly payments on their loans.
The non-profit institute also found that for every person who defaults on their student loans, two others are delinquent or short on their payments, the Los Angeles Times reported.
"We talk endlessly about default rates and what that means for colleges, but not about delinquency," said Alisa Cunningham, coauthor of the report. "It's a really big problem, and I'm not sure that anybody really knew the extent of it."
A borrower is delinquent when he or she is behind on payments. That can affect the ability to get a good rate on future loans, including autos and mortgages, and will affect credit scores.
Tasha Younger, 38, was once one of those statistics. She's still paying off her school loans a decade after quitting nursing school. She never defaulted on her loans, but was delinquent.
"It began to overwhelm me," Younger said. "Do I pay my electric bill or pay back my loans? I'm not able to make my payments because I need four new tires to drive my children around."
Cunningham said lenders are usually willing to work with financially strapped students and she advises contacting the lender if it becomes difficult to make loan payments.
