The cost of a education is an investment into one’s future. It sets the foundation for greater options and expanded career goals. The financial cost of college education can be approached with student loans. At the end of 2020, about forty-three million U.S. borrowers owed nearly $1.6 trillion altogether in federal student loans. Additional private loans bring the total to about $1.7 trillion, surpassing auto loans and credit card debt; only home mortgage debt, at about $10 trillion, is larger.
Student Loans in 2020: Fact
$1.57 trillion Amount of student loan debt outstanding in the United States
54% Percentage of college attendees taking on debt, including student loans, to pay for their education
$37,584 Average amount of student loan debt per borrower
14% Percentage of adults carrying student loan debt
6.5% Amount of student debt that’s at least 90 days past due or in default
What does Biden’s administration intend to do to alleviate the burden of student loan debt for students?
How will these proposals affect your bottom line?
Do you foresee student loan forgiveness in the near future?
Please write a 3 to 4 page paper researching effort of student loan forgiveness and find out where your representatives.
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