Student Loan Debt Crisis Set to Get Worse

According to Forbes, the student debt crisis is about to get worse.

Standing at the highest ever debt per student ratio in 2019, the statistics show how serious this crisis has become.

Consider this for a moment: The Australian GDP currently stands at approximately 1.5 trillion USD. United States student debt loans in 2019 . . . you guessed it; 1.5 trillion USD.

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Yes, folks. The student debt crisis is that of a medium-sized, wealthy(ish) nation.

According to Forbes, there are over 44 million borrowers who collectively owe this amount, ranking student loans as the “second highest consumer debt category.” The only debt in front is the mortgage debt.

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And if you’re one of the US students holding out for Student Loan Forgiveness approval, the likelihood of it occurring is slim. Figures from 2018 show that of the 49,669 applications submitted for loan forgiveness, only 423 applications were approved.

Not surprisingly, California, Florida, New York, and Texas are among the highest states with loan debt outstanding. These states combined represent more than “20% of all US student loan borrowers who collectively owe more than $340 billion of student loan debt.”

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