US Banks Eat $3 bln in Student Loan Losses

The latest figures provided by the Equifax credit reporting agency show a $3 bln loss for banks handling US student loan assets in the first two months of 2013.

According to Reuters, that write-off sum represents a 36 percent increase over the same period last year, and is attributed to continued underemployed and jobless graduates.

The Consumer Financial Protection Bureau reported in March 2012 that total US student loan debt surpassed $1 trillion in 2011.