WHAT IT IS
- Student loan debt is the second highest consumer debt in U.S. at 1.3 trillion.
- In 2015, 68 percent of those with an undergraduate degree had student loans. In 2003, the figure was less than half.
- All of this makes many wonder whether student debt is the new housing bubble.
WHY IT MATTERS
College tuition is getting higher, funding for scholarships and grants are lower, and more students than ever are taking on debt. This burden will undoubtedly make an impact on the economy, as students struggle to payback their loans and manage living expenses. Many say the entire higher education system needs to be overhauled to make it more accessible without piling on debt.
WHERE ARE WE NOW
- The Department of Education may end the Public Service Loan Forgiveness program, which wipes out student debt for those in nonprofits.
- The government has resorted to suing defaulters for their loan payments.
- President Trump’s administration also plans to increase how much borrowers will pay under the income-based plans.
THINGS TO THINK ABOUT
- Is college worth the cost?
- Should we be putting more emphasis on vocational schools?
- Is a better educated society a stronger society?