Student Loan Debt Continues to Rise

money

When billionaire investor and philanthropist Robert Smith surprised Morehouse College graduates recently by paying off their student loans, it was a welcome gift. His generosity allowed those students to dream big without being saddled with debt. Unfortunately, most college graduates are not so lucky. According to Nitro College, total student loan debt is estimated today at $1.53 trillion and growing. One in four Americans (44.7 million people) have student loan debt, and the average student loan is $37,172 with a loan payment of $393 a month. This results in many students putting off major life events such as marriage or making a down payment on a house.

Though the statistics are grim, the issue of student debt is catching the attention of political and business leaders who are offering relief in a number of ways. Hopeful signs include some major companies offering loan reimbursement as a perk of employment, some states recently making community college free for residents, as well as dozens of bills that have been introduced in Congress that would make college more affordable.

June 3, 2019 - 7:38am
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