Nearly 5M Americans in default on student loans

Miniature graduation cap on hundred dollar bills
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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.

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