The most important thing happening in the student loan market is states stepping up to protect their borrowers. And the reason why is simple: they know that the student debt crisis isn't something in the horizon. It is here.
Data from @NewYorkFed demonstrate what states are facing. Here are a few quick stats:
In the last year, 46 states saw an increase in student loan debt, and 26 saw it jump over 5% in that time.
21 states each saw outstanding student debt grow by more than $1 billion in just a year.
This isn't some sort of partisan issue. In states that Donald Trump won, student loan borrowers added $41.3 billion more in student loan debt.
@theSBPC has also identified 12 states poised to stand up for student loan borrowers this legislative session—and these numbers show the urgency to act.
In #NewYork, student debt has grown by more that $4.1 billion in the last year, a 5% climb.
#Virginia student debt has jumped by more than $2.9 billion in a single year. That’s an 8% increase.
In the last year, #Colorado saw a $1.7 billion increase, 7% up from the previous year.
And in #Nevada, student debt increased by 14%, the largest relative increase of any state in the country, adding over $1.2 billion last year.
It's outrageous that Washington has walked away as student loan borrowers add billions of #studentdebt across the country. But as states are stepping up to protect these borrowers—Washington should either be part of the solution or get out of the way.
