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9.3 Million Federal Student Loan Borrowers Are Now In Default, New FSA Data Shows
Federal Student Aid posted its quarterly portfolio update on September 22, 2026, and the data through June 30 shows student loan defaults still rising. The number of borrowers with defaulted loans in the federally managed portfolio grew by about 400,000 during the quarter to more than 9.3 million. Those borrowers owe $234 billion, roughly 14% of the $1.64 trillion portfolio the Department of Education manages directly.
That total now sits above the 9 million figure cited just last week when senators pressed the Education Department over its $1 billion servicing fund.
The six-month trend is…
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