So far, the Trump administration continues to deliver on some key campaign promises. These promises include the travel ban, federal hiring freeze, and authorizing the construction of the US-Mexico border wall. Higher education is another issue Trump will likely be addressing in the coming months, as it continually ranks as the biggest source of consumer debt today.
According to the student loan debt clock, the total is 1.47 trillion. The balance owed is almost as much as the total credit card and auto loans combined. Here are a few more alarming statistics:
44.2 million Americans have student loan debt 11.1% is the delinquency rate $351 is the average monthly student loan payment (borrowers aged 20 to 30 years). $203 is the median monthly student loan payment (borrowers aged 20 to 30 years). (Source: studentloanhero.com) Educational institutions are finding it convenient to charge more, given that the Federal government takes on most of the risk for defaults while schools and universities reap the financial rewards. It’s a discrepancy President Trump commented on late last year:
This post was published at Schiffgold on FEBRUARY 2, 2017.
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