Student loan debt has almost quadrupled over the last eight years, according to a survey…
U.S. student debt reaches $1.2 trillion
Student debt has reached $1.2 trillion, according to a Forbes article.
The average borrower, according to The Institute for College Access and Success, will owe $26,600 after graduation.
The Washington Post reported one graduate could not qualify for a mortgage on a home because her income was hindered due to her monthly loan payments.
A study by Ben Miller, an analyst for the New American Foundation, reported that “there were 800,000 more indebted college graduates in 2011–2012 than there were in 2003–2004.” He said this number was a jump from 1.6 million to 2.4 million.
An article from the Huffington Post said that “state budget cuts led to sharp tuition increases at many public colleges, increasing students’ need to borrow.” The article also said that the average debt for a college graduate was $29,400 in 2012. This number has only increased in the past year.
The United States Department of Education (DOE) has a Public Service Loan Forgiveness program. However, there are many stipulations to this new system. According to the DOE website, the qualifications include making a certain amount of monthly payments. While making these payments, a person must work “full time by certain public service employers.”
Among other loan forgiveness programs are programs for teachers, nurses and those who perform military service. The website FinAid.org has a detailed list of programs and the qualifications for each.