Student loan debt has risen by a greater percentage than any other debt since 2003.
National debts have increased by a substantial amount in the last 20 years, but none by as much as student loans. Since 2003, student loan debt has increased by 430%, according to a study by the Kaplan Group. Although student loan debts have stabilized in the last few years, levels remain staggeringly high. Debt in general grew by 81.5% during the same time period. Student loans led the pack, followed by auto loans, which grew by 91% in 20 years.
President Biden has been instituting forgiveness and debt relief for student loan borrowers since he took office. However, an appeals court recently blocked all aspects of Biden’s SAVE plan. This plan intended to lower monthly payments for millions of borrowers while ultimately providing complete forgiveness after a certain number of payments had been made.
Aside from mortgages, student loans are one of the biggest debts the average American holds. Lowering those debts can be a huge relief financially. There are a few steps borrowers can take to potentially drop their monthly student loan payments: MOST STUDENT LOAN BORROWERS WILL STRUGGLE TO PAY AT SOME POINT: SURVEY Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.
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