Nearly 9 million Americans 50 and older still have student debt, either from loans they took out to pay for their own education or for their kids’ educations, according to new data out this month from the Department of Education. And the total amount of debt they owe is growing faster than for any other age group. https://www.marketplace.org/2021/06/21/nearly-9-million-older-americans-still-have-student-loan-debt/
Come this fall, borrowers will again have to make room in their lives and budgets for monthly student loan payments. It’s been a good run. The U.S. Department of Education first gave borrowers the option of pausing their bills without interest accruing in March 2020. Read the full article for what to know and how to prepare for the Fall. https://www.cnbc.com/2021/06/19/student-loan-payments-will-resume-soon-heres-what-you-should-do-now.html
More than 40m Americans have student loans, owing an average of $37k per borrower — or a total of $1.6T, per new stats from the Department of Education.
During the pandemic, Americans with federal student loans have been able to avoid making monthly payments and accruing interest.
But that freeze is set to end on September 30.
Betsy Mayotte, TISLA’s president, says loans have caused many borrowers to delay homeownership, marriage, children, and retirement. (Some people even worry about marrying people with debt.) https://thehustle.co/06162021-student-debt/
The Education Department announced Wednesday it’s wiping out $500 million in student loan debt for some 18,000 borrowers who attended ITT Technical Institute. Betsy Mayotte, TISLA’s president welcomed the news by saying “They’re being proactive about it– I think it’s a great indication that the department is looking to streamline this pretty onerous and sometimes difficult process for defrauded borrowers.” https://www.cbsnews.com/news/student-loan-debt-500-million-itt-tech/
Student debt has been fueled by decades of wages not keeping up with the rising cost of college. And unless wages increase and college costs decrease, students will still need to take on debt to complete degrees, and they’ll face greater difficulty repaying loans. https://www.dailyherald.com/business/20210530/what-would-it-take-to-solve-the-student-debt-crisis