Latest news with #Raneri
CNN
05-05-2025
- Business
- CNN
Federal student loans are due again. A record percentage of borrowers are seriously delinquent
Source: CNN About 4 million, or roughly one in five, federal student loan borrowers with a payment due are seriously delinquent, according to a new analysis published Monday by TransUnion. Research from the information and insights company suggests that a significant number of Americans with student loan debt are not able to make payments, did not know payments were due or decided not to pay. The findings come as the Department of Education has vowed to restart collecting federal student loans in default starting Monday following a Covid-era pause. TransUnion found that as of February, a record 20.5% of student loan borrowers with a payment due are 'seriously delinquent,' which is defined as 90 days or more past due. (The analysis only includes federal student loan borrowers and only those who are not in forbearance or deferment.) It's a sharp jump from February 2020 — just before the start of the pandemic — when 11.5%, or about 2.6 million, were seriously delinquent. The previous record was set in September 2012 when 15.4%, or about 3.3 million, borrowers were 90 days or more past due. The TransUnion analysis did not determine why a growing share of borrowers are behind on student loan debt. TransUnion cautioned that its finding of one in five student loan borrowers seriously delinquent may actually understate the problem due to the complexity of the issue. The company said that some borrowers appear to be 90 days or more past due but have not yet been reported as seriously delinquent, likely because they are exploring repayment programs and other options. The Covid-era pause on federal student loan payments ended in September 2023, and borrowers were shielded from the negative effects of a missed payment until October 2024. Some student loan borrowers 'may be overstretched' and face a 'difficult financial situation,' Michele Raneri, vice president and head of US research and consulting at TransUnion, told CNN. Indeed, 50.8% of subprime federal borrowers with past-due payments are considered seriously delinquent. 'Borrowers who have not been repaying will likely have to make a number of challenging budgeting decisions,' Raneri said. Raneri cautioned that while some borrowers may be unable to pay, others may not know payments have resumed or even know how to make the payments. Others, she said, simply may not be willing to pay. No matter the reason, falling behind on student loan debt is costly. According to research from the Federal Reserve Bank of New York, new student loan delinquencies have taken a massive bite out of credit scores. Delinquencies have wiped out an average of 87 points for subprime borrowers and 171 points for those with super prime, or excellent, credit scores. TransUnion found a smaller yet still sizable decline of an average of 63 points from credit scores of federal student loan borrowers who owe money and are delinquent. 'This will likely make it harder to get a mortgage and, if they can, will likely result in less favorable interest rates than they may have found previously,' Raneri said. In other words, at a time of already-high interest rates, it will be even more expensive to borrow for those who have fallen behind on student loan debt payments. TransUnion found that roughly 41.9 million people have student loan debt, with the vast majority (39.7 million) owing federal student loans. Roughly 20 million of those with federal student loan debt have had payments deferred or are in forbearance. That leaves about 19.7 million who have owed money on their federal student loan debt over the past three months. Borrowers with weaker credit scores are more likely to fall behind on their federal student loan debt, according to TransUnion's findings. The research found that while 50.8% of subprime borrowers are seriously delinquent, just 0.9% of those with super prime credit scores are behind. Tyler Wickord, a 29-year-old who lives in Southern California, is struggling to pay off his $12,000 in student loan debt. 'It feels like I'm drowning,' Wickord told CNN in a phone interview. 'Knowing I have student loan debt to pay along with rent, credit card debt and other debt is definitely a bit of a scary feeling, like the life preserver will never get to me while I'm in the ocean.' Wickord is trying to chip away at his student loan debt even though he currently owes nothing because he is in an income-driven repayment plan. Still, he has taken on a second job just to get by in San Diego county, where, he said, 'rent is ridiculous.' 'I voluntarily took on student debt, but it adds up way more than you expect,' Wickord said. 'There are times it almost feels predatory with lenders willing to give kids who are 18 or 19 this big loan that takes forever to pay off.' CNN's Alicia Wallace contributed to this report. See Full Web Article
Yahoo
05-05-2025
- Business
- Yahoo
Federal student loans are due again. A record percentage of borrowers are seriously delinquent
About 4 million, or roughly one in five, federal student loan borrowers with a payment due are seriously delinquent, according to a new analysis published Monday by TransUnion. Research from the information and insights company suggests that a significant number of Americans with student loan debt are not able to make payments, did not know payments were due or decided not to pay. The findings come as the Department of Education has vowed to restart collecting federal student loans in default starting Monday following a Covid-era pause. TransUnion found that as of February, a record 20.5% of student loan borrowers with a payment due are 'seriously delinquent,' which is defined as 90 days or more past due. (The analysis only includes federal student loan borrowers and only those who are not in forbearance or deferment.) It's a sharp jump from February 2020 — just before the start of the pandemic — when 11.5%, or about 2.6 million, were seriously delinquent. The previous record was set in September 2012 when 15.4%, or about 3.3 million, borrowers were 90 days or more past due. The TransUnion analysis did not determine why a growing share of borrowers are behind on student loan debt. TransUnion cautioned that its finding of one in five student loan borrowers seriously delinquent may actually understate the problem due to the complexity of the issue. The company said that some borrowers appear to be 90 days or more past due but have not yet been reported as seriously delinquent, likely because they are exploring repayment programs and other options. The Covid-era pause on federal student loan payments ended in September 2023, and borrowers were shielded from the negative effects of a missed payment until October 2024. Some student loan borrowers 'may be overstretched' and face a 'difficult financial situation,' Michele Raneri, vice president and head of US research and consulting at TransUnion, told CNN. Indeed, 50.8% of subprime federal borrowers with past-due payments are considered seriously delinquent. 'Borrowers who have not been repaying will likely have to make a number of challenging budgeting decisions,' Raneri said. Raneri cautioned that while some borrowers may be unable to pay, others may not know payments have resumed or even know how to make the payments. Others, she said, simply may not be willing to pay. No matter the reason, falling behind on student loan debt is costly. According to research from the Federal Reserve Bank of New York, new student loan delinquencies have taken a massive bite out of credit scores. Delinquencies have wiped out an average of 87 points for subprime borrowers and 171 points for those with super prime, or excellent, credit scores. TransUnion found a smaller yet still sizable decline of an average of 63 points from credit scores of federal student loan borrowers who owe money and are delinquent. 'This will likely make it harder to get a mortgage and, if they can, will likely result in less favorable interest rates than they may have found previously,' Raneri said. In other words, at a time of already-high interest rates, it will be even more expensive to borrow for those who have fallen behind on student loan debt payments. TransUnion found that roughly 41.9 million people have student loan debt, with the vast majority (39.7 million) owing federal student loans. Roughly 20 million of those with federal student loan debt have had payments deferred or are in forbearance. That leaves about 19.7 million who have owed money on their federal student loan debt over the past three months. Borrowers with weaker credit scores are more likely to fall behind on their federal student loan debt, according to TransUnion's findings. The research found that while 50.8% of subprime borrowers are seriously delinquent, just 0.9% of those with super prime credit scores are behind. Tyler Wickord, a 29-year-old who lives in Southern California, is struggling to pay off his $12,000 in student loan debt. 'It feels like I'm drowning,' Wickord told CNN in a phone interview. 'Knowing I have student loan debt to pay along with rent, credit card debt and other debt is definitely a bit of a scary feeling, like the life preserver will never get to me while I'm in the ocean.' Wickord is trying to chip away at his student loan debt even though he currently owes nothing because he is in an income-driven repayment plan. Still, he has taken on a second job just to get by in San Diego county, where, he said, 'rent is ridiculous.' 'I voluntarily took on student debt, but it adds up way more than you expect,' Wickord said. 'There are times it almost feels predatory with lenders willing to give kids who are 18 or 19 this big loan that takes forever to pay off.' CNN's Alicia Wallace contributed to this report.
CNN
05-05-2025
- Business
- CNN
Federal student loans are due again. A record percentage of borrowers are seriously delinquent
About 4 million, or roughly one in five, federal student loan borrowers with a payment due are seriously delinquent, according to a new analysis published Monday by TransUnion. Research from the information and insights company suggests that a significant number of Americans with student loan debt are not able to make payments, did not know payments were due or decided not to pay. The findings come as the Department of Education has vowed to restart collecting federal student loans in default starting Monday following a Covid-era pause. TransUnion found that as of February, a record 20.5% of student loan borrowers with a payment due are 'seriously delinquent,' which is defined as 90 days or more past due. (The analysis only includes federal student loan borrowers and only those who are not in forbearance or deferment.) It's a sharp jump from February 2020 — just before the start of the pandemic — when 11.5%, or about 2.6 million, were seriously delinquent. The previous record was set in September 2012 when 15.4%, or about 3.3 million, borrowers were 90 days or more past due. The TransUnion analysis did not determine why a growing share of borrowers are behind on student loan debt. TransUnion cautioned that its finding of one in five student loan borrowers seriously delinquent may actually understate the problem due to the complexity of the issue. The company said that some borrowers appear to be 90 days or more past due but have not yet been reported as seriously delinquent, likely because they are exploring repayment programs and other options. The Covid-era pause on federal student loan payments ended in September 2023, and borrowers were shielded from the negative effects of a missed payment until October 2024. Some student loan borrowers 'may be overstretched' and face a 'difficult financial situation,' Michele Raneri, vice president and head of US research and consulting at TransUnion, told CNN. Indeed, 50.8% of subprime federal borrowers with past-due payments are considered seriously delinquent. 'Borrowers who have not been repaying will likely have to make a number of challenging budgeting decisions,' Raneri said. Raneri cautioned that while some borrowers may be unable to pay, others may not know payments have resumed or even know how to make the payments. Others, she said, simply may not be willing to pay. No matter the reason, falling behind on student loan debt is costly. According to research from the Federal Reserve Bank of New York, new student loan delinquencies have taken a massive bite out of credit scores. Delinquencies have wiped out an average of 87 points for subprime borrowers and 171 points for those with super prime, or excellent, credit scores. TransUnion found a smaller yet still sizable decline of an average of 63 points from credit scores of federal student loan borrowers who owe money and are delinquent. 'This will likely make it harder to get a mortgage and, if they can, will likely result in less favorable interest rates than they may have found previously,' Raneri said. In other words, at a time of already-high interest rates, it will be even more expensive to borrow for those who have fallen behind on student loan debt payments. TransUnion found that roughly 41.9 million people have student loan debt, with the vast majority (39.7 million) owing federal student loans. Roughly 20 million of those with federal student loan debt have had payments deferred or are in forbearance. That leaves about 19.7 million who have owed money on their federal student loan debt over the past three months. Borrowers with weaker credit scores are more likely to fall behind on their federal student loan debt, according to TransUnion's findings. The research found that while 50.8% of subprime borrowers are seriously delinquent, just 0.9% of those with super prime credit scores are behind. Tyler Wickord, a 29-year-old who lives in Southern California, is struggling to pay off his $12,000 in student loan debt. 'It feels like I'm drowning,' Wickord told CNN in a phone interview. 'Knowing I have student loan debt to pay along with rent, credit card debt and other debt is definitely a bit of a scary feeling, like the life preserver will never get to me while I'm in the ocean.' Wickord is trying to chip away at his student loan debt even though he currently owes nothing because he is in an income-driven repayment plan. Still, he has taken on a second job just to get by in San Diego county, where, he said, 'rent is ridiculous.' 'I voluntarily took on student debt, but it adds up way more than you expect,' Wickord said. 'There are times it almost feels predatory with lenders willing to give kids who are 18 or 19 this big loan that takes forever to pay off.' CNN's Alicia Wallace contributed to this report.
CNN
05-05-2025
- Business
- CNN
Federal student loans are due again. A record percentage of borrowers are seriously delinquent
About 4 million, or roughly one in five, federal student loan borrowers with a payment due are seriously delinquent, according to a new analysis published Monday by TransUnion. Research from the information and insights company suggests that a significant number of Americans with student loan debt are not able to make payments, did not know payments were due or decided not to pay. The findings come as the Department of Education has vowed to restart collecting federal student loans in default starting Monday following a Covid-era pause. TransUnion found that as of February, a record 20.5% of student loan borrowers with a payment due are 'seriously delinquent,' which is defined as 90 days or more past due. (The analysis only includes federal student loan borrowers and only those who are not in forbearance or deferment.) It's a sharp jump from February 2020 — just before the start of the pandemic — when 11.5%, or about 2.6 million, were seriously delinquent. The previous record was set in September 2012 when 15.4%, or about 3.3 million, borrowers were 90 days or more past due. The TransUnion analysis did not determine why a growing share of borrowers are behind on student loan debt. TransUnion cautioned that its finding of one in five student loan borrowers seriously delinquent may actually understate the problem due to the complexity of the issue. The company said that some borrowers appear to be 90 days or more past due but have not yet been reported as seriously delinquent, likely because they are exploring repayment programs and other options. The Covid-era pause on federal student loan payments ended in September 2023, and borrowers were shielded from the negative effects of a missed payment until October 2024. Some student loan borrowers 'may be overstretched' and face a 'difficult financial situation,' Michele Raneri, vice president and head of US research and consulting at TransUnion, told CNN. Indeed, 50.8% of subprime federal borrowers with past-due payments are considered seriously delinquent. 'Borrowers who have not been repaying will likely have to make a number of challenging budgeting decisions,' Raneri said. Raneri cautioned that while some borrowers may be unable to pay, others may not know payments have resumed or even know how to make the payments. Others, she said, simply may not be willing to pay. No matter the reason, falling behind on student loan debt is costly. According to research from the Federal Reserve Bank of New York, new student loan delinquencies have taken a massive bite out of credit scores. Delinquencies have wiped out an average of 87 points for subprime borrowers and 171 points for those with super prime, or excellent, credit scores. TransUnion found a smaller yet still sizable decline of an average of 63 points from credit scores of federal student loan borrowers who owe money and are delinquent. 'This will likely make it harder to get a mortgage and, if they can, will likely result in less favorable interest rates than they may have found previously,' Raneri said. In other words, at a time of already-high interest rates, it will be even more expensive to borrow for those who have fallen behind on student loan debt payments. TransUnion found that roughly 41.9 million people have student loan debt, with the vast majority (39.7 million) owing federal student loans. Roughly 20 million of those with federal student loan debt have had payments deferred or are in forbearance. That leaves about 19.7 million who have owed money on their federal student loan debt over the past three months. Borrowers with weaker credit scores are more likely to fall behind on their federal student loan debt, according to TransUnion's findings. The research found that while 50.8% of subprime borrowers are seriously delinquent, just 0.9% of those with super prime credit scores are behind. Tyler Wickord, a 29-year-old who lives in Southern California, is struggling to pay off his $12,000 in student loan debt. 'It feels like I'm drowning,' Wickord told CNN in a phone interview. 'Knowing I have student loan debt to pay along with rent, credit card debt and other debt is definitely a bit of a scary feeling, like the life preserver will never get to me while I'm in the ocean.' Wickord is trying to chip away at his student loan debt even though he currently owes nothing because he is in an income-driven repayment plan. Still, he has taken on a second job just to get by in San Diego county, where, he said, 'rent is ridiculous.' 'I voluntarily took on student debt, but it adds up way more than you expect,' Wickord said. 'There are times it almost feels predatory with lenders willing to give kids who are 18 or 19 this big loan that takes forever to pay off.' CNN's Alicia Wallace contributed to this report.
New York Post
30-04-2025
- Entertainment
- New York Post
Marcella Raneri bought a $36.5M home on Billionaires' Row
'Dancing Queen' Marcella Raneri just purchased a $36.5 million home on Manhattan's Billionaires' Row — the very same month she bought a $40 million Miami Beach mansion, Gimme Shelter can reveal. The former Dallas Mavericks dancer, choreographer, and star of Netflix's 'Dancing Queens' and 'So You Think You Can Dance' just closed on the smashing residence at swanky 220 Central Park South with her tech mogul fiancé Daniel Nutkis. The New York purchase was an off-market, all-cash deal — and the couple closed within three months of seeing the dwelling, sources said. 5 Marcella Raneri and Daniel Nutkis. Alex Bramall 5 The Central Park South limestone tower comes with a private Jean-Georges restaurant, and is home to money and power. Matthew McDermott 5 Billionaires' Row is marked by super-tall towers that line Central Park South. Christopher Sadowski 'We both enjoy the culture, arts and fine dining [that the Big Apple offers], but I especially wanted to spend more time with others in the dance community, which is world class in the city,' Raneri told Gimme. 'It has been a dream of mine since I was young to live in New York City, and that has never changed. I am just so happy that I get to do it part-time now,' she added. 5 The building was designed by celebrated architect Robert A.M. Stern. stefano giovannini Dallas, however, will continue to be the couple's primary base. That's where, earlier this month, the couple celebrated their engagement with a bang-out bash decorated with 200,000 flowers for 300 people, as Page Six reported. The 200 Central Park South apartment is a 3,043-square-foot behemoth, with three bedrooms and 3.5 baths on the 44th floor — and full views of Central Park. At the moment, it's empty and devoid of furniture, but that will change soon, sources said, as Raneri and Nutkis can't wait to add their own style to the condo. 5 Greenery adds warmth to the building. Matthew McDermott The Billionaires' Row tower, designed by Robert A.M. Stern, is home to billionaires like Ken Griffin and A-listers like Sting. 'Marcella and Dan weren't looking for a Manhattan home, but they love the building. A unit like this is rare and when they heard it was for sale — off market — they jumped,' a friend said. Raneri told Gimme that she and Nutkis love the building's 'location, views, amenities and services.' Those include a private restaurant by Jean-Georges Vongerichten, for those who don't feel like walking across Columbus Circle to Jean-Georges, at Trump International Hotel and Tower. 'After considering other options, we limited our search only to [220 Central Park South], and then it was securing the unit with the size and views we desired,' Raneri said. Despite New York's challenges, from 9/11 and the 2008 recession to the pandemic, the city keeps defying naysayers' claims that it is 'over.' 'Both Dan and I feel that New York City is, and will continue to be, a great city and [220 Central Park South] is a world-class building — so when the opportunity became available, we didn't think twice,' she said.
