Forgiveness of some loans barely touches how much student debt we owe
The US Department of Education canceled around $8.7 billion in student debt this year. But that is just a drop in the bucket.
Student debt hit $1.5 trillion in 2020
The Cache Valley Daily reports overall college loan debt reached more than $1.5 trillion in 2020. That’s from the US Census Bureau.
Graduates in Utah hold the least amount of outstanding loans at $16,633. But debt burden is on the rise for students overall.
The median nationwide student debt in 2017 was $20,000. Now, the average is closer to $29,000, according to the newspaper.
However, people graduating from the higher echelon schools, such as Ivy League institutions, carry much higher debt on average.
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