Forgiveness of some loans barely touches how much student debt we owe
Aug 27, 2021, 11:00 AM
Borrowers will be able to provide their financial information once an application is launched in the coming weeks. (Getty Images)
(Getty Images)
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.
Read more:
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- Snow College offers assist to students paying tuition for Fall 2021 semester
- For adults wondering if it’s too late to go back to college, the answer is no
- Gov. Cox signs bills for $1 million to help adults finish college degrees
- Student loan payments are suspended. Here’s how to make the most of it
