I’ve previously written about America’s coming retirement crisis. But there’s another crisis that isn’t helping the situation… the student debt crisis.
As more Americans attend college, student loans have grown by almost 160%. There’s currently $1.5 trillion in federal student loans out there.
The average student loan borrower is $37,172 in debt. Many owe more than that… Late fees and defaults often drive that debt up to six figures. It’s gotten so bad that 40% of borrowers are expected to default on their loans by 2023.