Everybody agrees student loan debt is a large problem. In the United States approximately $1.5 trillion is currently owed by around 45 million people at an average of over $32,000 per borrower. While relatively few borrowers owe more than $75,000, that relatively few includes over 4 million people. Another 24 million borrowers owe more than $10,000. According to LendingTree’s Value Penguin website, from which I’ve taken these statistics, the student loan balance has increased by around $80 billion every year since 2004.[1] This debt has serious adverse effects on family formation, purchasing of houses, and many other aspects of American life.
What should we do?
See the full article by David Deavel, August 30, 2022