Number of borrowers with serious delinquencies on student loans expected to rise

There has been a surge of delinquent student loan accounts since President Donald Trump took office and changed many of the policies and repayment plans — with borrowers over the age of 50 accounting for the majority of those delinquencies.

Rohit Chopra, former director of the Consumer Financial Protection Bureau, said that number is likely to grow.

"So we have a situation now where people are paying more interest and bigger payments at a time, I think, when they're already being pretty squeezed on higher prices in the grocery store, and also an economy that looks like it's getting a little weaker," said Chopra.

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There are also some geographical trends in relation to individuals who are struggling to repay their student loans.

Chopra said southern states tend to have more delinquency than other regions of the U.S.

He said that means their credit scores are going to take big hits, making it harder to get a car and have higher interest rates on credit cards.

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Chopra said there should be concerns about the spillover from this increase in student loan delinquencies — how it could impact the mortgage market and other parts of the economy.

Chopra said that for those who are struggling with a serious delinquency on their student loans, they should contact their student loan service provider or go to the Department of Education's website to learn about their options.

"But we also need the secretary of education and the Trump administration to actually process those applications," Chopra said. "Help people lower their payments so that they can at least pay something and be on the road to be able to finishing this off."