It took 42 years - 1965 until 2007 - for the student loan balance to grow to $500 billion.
It took only 6 years for the loan balance to double - to $1 trillion - in 2013.
Today FSA holds nearly $1.5 trillion in outstanding loans.
It took only 6 years for the loan balance to double - to $1 trillion - in 2013.
Today FSA holds nearly $1.5 trillion in outstanding loans.
$1.5 trillion is more than $10,000 of someone else's student loan debt for each and every American taxpayer... 145 million of them.
Today, FSA’s portfolio is nearly 10% of our nation’s debt.
And yet only 1 in 4 borrowers are currently paying down both principal and interest.
Nearly 20% of all loans are delinquent or in default. That’s 7 times the rate of delinquency on credit card debt.
Nearly 20% of all loans are delinquent or in default. That’s 7 times the rate of delinquency on credit card debt.
43% of all FSA loans are considered “in distress.”
We have to get serious about fixing it. We all have a role to play.
As we look to resolve the crisis in #HigherEd:
✅ Every person should have the right to pursue the education that's right for them
✅ Innovation must be unleashed
✅ Better/more accessible information is necessary
✅ Remember nothing is free - someone ultimately pays the bill
✅ Every person should have the right to pursue the education that's right for them
✅ Innovation must be unleashed
✅ Better/more accessible information is necessary
✅ Remember nothing is free - someone ultimately pays the bill
➡️ Fed govt must become a more responsible lender
➡️ Congress must recognize the implications of its favored programs
➡️ Schools must be honest about their roles in the cost-value proposition
➡️ Students need the best tools, data & support so they may be responsible consumers
➡️ Congress must recognize the implications of its favored programs
➡️ Schools must be honest about their roles in the cost-value proposition
➡️ Students need the best tools, data & support so they may be responsible consumers
