Student borrowers under most stress in New York City’s poorest areas
The report suggests poorer borrowers are bearing the brunt of this trend that New York Fed President William Dudley has warned could ultimately hurt overall US home ownership and consumer spending.
About 1 million, or 15 percent, of residents had loans, totaling .8 billion of the country’s .3 trillion in student debt. (Representational Image)
New York’s poorest neighborhoods are home to the city’s student borrowers under the most stress, according to a central bank report released on Friday showing “troublingly high” loan default and delinquency rates mainly in the Bronx and Brooklyn.
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