It's kind of misleading to say that it's "only" 1% of borrowers file, because the scope of time is focused on one year, but not only do borrowers have a much la

It's kind of misleading to say that it's "only" 1% of borrowers file, because the scope of time is focused on one year, but not only do borrowers have a much larger average lifetime, but the impacts of bankruptcy last 10 years. If we say that the borrower pool stays fairly static over a 10 year period, that means really you're talking about AT LEAST 15% of borrowers are filing bankruptcy.