Lansing, MI (WILX) Nearly five million Americans are in trouble when it comes to paying back their student loans.
A borrower is in default if they haven't made a loan payment in at least a year.
The government says that number is double from what it was four years ago. The news comes despite the strong job market and a steadily growing economy.
Borrowers in default will have a harder time getting loans for cars and homes. In turn, limits on their buying power can also negatively impact economic growth.