The problem isn't just that the trigger point is 90 days for all other forms of consumer debt (which, by the way, makes comparing default metrics among different
loan products another waste of time), it's that the staggering numbers of loans that have reached this stage show how incompetently the entire student loan program is being managed.
It's no secret that most banks do not like to
waste their time with subordinate
loan products, but that just happens to be our niche.