For the first time in US history, total student-loan debt exceeds $1.5 trillion — surpassing both auto-loan and credit card debt.
Mark T. Williams teaches finance, risk management, and capital markets at Boston University and says the sprawling financial-health crisis demands a multi-pronged solution.
Generation Student Debt is the unenviable #hashtag for 45 million borrowers. They believed in the American Dream that you go to college to get ahead. But for one out of every four Americans, that has required taking on more and more debt. This growing class of debt holders, two-thirds of whom are female, range from newly minted graduates to 60-somethings. As loan defaults skyrocket, many are exposed to long-term financial harm while rising student loan debt impacts mental health and worsens gender and racial injustice. Managing this sprawling financial-health crisis demands a multi-pronged solution.
First, some intimidating facts.
For the first time in US history, total student-loan debt exceeds $1.5 trillion, surpassing both auto-loan and credit card debt (only mortgages are more).
Over the last decade, college enrollment of high school graduates has reached 67 percent, and student-loan debt has more than doubled. To meet this demand, federal government and private …read more
Source:: Businessinsider – Strategy