Student loan debt hits $1.4 trillion
It just keeps getting worse.
Student debt has topped $1.4 trillion, nearly more than all of the credit card and car loan debt in the U.S., according to NBC 12.
Student loan debt a widespread problem
The problem is widespread: 41 million Americans have student debt. And 1 in every 3 borrowers is delinquent or in default on their student loans.
The problem is due to the fact that the cost of college has skyrocketed, and financial aid hasn’t kept pace with rising costs.
As Ben Miller, who works at the Center for American Progress, puts it,
We’re making it too risky for people to try college because you have to borrow a loan.
We’re forcing people to borrow for their education, while in the past we would have given them sufficient grant aid or charged them a low enough price they wouldn’t have had to.
Watch the video below to learn more about the issue, hear from real borrowers struggling to repay their student loans and find out what experts say needs to be done to help reduce student debt.