Student loan debt in the United States has now ballooned to $1.2 trillion, second only to mortgage debt. Most of that debt was issued by the federal government.
About 40 million Americans hold student loans and about 70% of bachelor’s degree recipients graduate with debt. In fact, the class of 2015 is carrying over $35,000 in student debt on average according to a January 19, 2016 article by www.marketwatch.com. Even more staggering, one in four student loan borrowers are either in delinquency or default on their student loans—this according to the Consumer Financial Protection Bureau.
To help borrowers, or family members of borrowers, looking for help with their student loan debt—and looking to avoid a scam—the Federal Trade Commission (FTC) has recently issued some new education materials on their website.
– Walt Mozdzer, CAP®, CFP®