According to the Federal Reserve Bank of St. Louis, 31.5% of people with student loan debt in the U.S. are at least a month behind in their payments.
And according to another Federal Reserve Bank (New York), 17% of those people are in default.
It's also not a problem just for young people. Two-thirds of student loan debt is now owed by people over the age of 30.
It's very difficult to discharge student loans in bankruptcy court.
And default can be followed by a host of other problems: a damaged credit rating, additional fines and interest, bill collectors and garnishment of wages.
U.S. Senator Gary Peters says he'll introduce bills on Monday that would help people who've defaulted on student loans "get back on their feet."
He'll make the announcement on the campus of Michigan State University, appearing with MSU's Vice President for Governmental Affairs Mark Burnham and MSU students.
Last month, U.S. Congresswoman Debbie Dingell introduced a bill that would allow people to refinance their student loans.
