[T]the Education Department released a memo saying that it had overstated student loan repayment rates at most colleges and trade schools and provided updated numbers.

When The Wall Street Journal analyzed the new numbers, the data revealed that the Department previously had inflated the repayment rates for 99.8% of all colleges and trade schools in the country. The new analysis shows that at more than 1,000 colleges and trade schools, or about a quarter of the total, at least half the students had defaulted or failed to pay down at least $1 on their debt within seven years. [Emphasis added.]

An earlier report released in April had stated that "More than 40% of Americans who borrowed from the government's main student-loan program aren't making payments or are behind."

44 million Americans have at least some student loan debt for a total of 1.26 trillion dollars. The overall delinquency rate for these loans is 11.1 percent. 

If that seems like no big deal, just imagine if we were talking about similar numbers for home loans.