Due to incredibly low interest rates for the past decade the loan payments haven't been very high so they've been able to kick the can down the road. Interest

Due to incredibly low interest rates for the past decade the loan payments haven't been very high so they've been able to kick the can down the road. Interest rates are high now, but those new rates don't kick in until the loans hit their maturity dates. As rate are kept high, more loans will refinance to higher rates and more of these borrowers will go under.