student loan debt

Summary List Placement

The student-debt problem numbers are massive: 45 million people owe $1.7 trillion. But another big number is 19, as that many states have more outstanding student debt than their annual budgets.

Student Loan Justice — an organization advocating for student-debt cancellation — released a report in March on these 19 states, with Georgia, Florida, and Missouri topping the list at 169%, 148%, and 141% of debt owed relative to their budgets, respectively, and South Carolina and New Hampshire close behind at 135% and 131%.

To put that in perspective, Georgia’s state budget is slightly more than $48 billion, but Georgians’ total student debt comes close to $82 billion.

Alan Collinge, founder of Student Loan Justice, told Insider that the reason those 19 states made the list could be a result of high borrowing alongside state budgets that are smaller than others.

He added that although President Joe Biden’s Department of Education has already taken steps to cancel student debt for borrowers defrauded by for-profit schools and borrowers with disabilities, that isn’t nearly enough to address the scope of the problem.

“I see this as massively unimpressive, and it really skirted around the real issue, which is the widespread catastrophic effects the …read more

Source:: Businessinsider – Politics


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