Student loans are a trillion-dollar problem in the US. Millions of Americans have amassed $1.766 trillion in student loan debt—a massive result of decades-long borrowing and rising education costs. While getting a quality college education sets you up for better salaries or income afterward, it can also shackle you to an enduring burden.
Mounting unpaid student loan debts has become a multi-generational issue. Almost 25% of the total student loan debt is by the 50-and-above age bracket—hardly the millennial and Gen Z stereotype.
This problem has been brewing for decades and is coming to a head at a time of rising interest rates, inflation, and cost of living. This situation implies
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