Fixing our Loan Problem

According to American Student Assistance, nearly 20 million Americans attend college annually and 60% of them borrow in order to cover costs. Though the level of need varies greatly, estimates indicate that there is somewhere between $902 billion and $1 trillion in total outstanding student loan debt in the United States today. Such statistics, as well as the many others out there, point to a very troubling and precarious situation for our nation. And what’s more, the figures continue to worsen each year with one of the most troubling statistics being that the number of college drop-outs is on the rise. In fact, nearly 30 percent of college students who took out loans dropped out of school, up from fewer than a quarter of students a decade ago (Source: Education Sector). Continue reading