Daily Digit is the story behind the numbers that make our world work. Today we’re looking at the student debt crisis. According to a new report by the Urban Institute, education debt has tripled in the U.S. and now exceeds 1.5 trillion dollars. More than 1 million Americans default on their student loans each year, making it a bigger threat than auto, mortgage, or credit card debt. By 2023, nearly 40% of borrowers are expected to default on their student loans. That can result in a significant drop in credit scores and lead to balance increases from collection fees and interest.