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Student loans are a lot like the 2007-08 subprime mortgage debacle, says a watchdog group.

“We projected over 2 million subprime mortgage foreclosures back in 2007, and the response was we were ridiculed by the industry,” he says.

Now he’s watching student loans, “and there are a lot of similarities,” he says.

“Already in the student loan world, we are seeing default levels that approach what there was in the subprime mortgage world,” he says.

As we sit here and talk today, over a fifth of black college graduates are in default on their student loans.”