According to the Consumer Financial Protection Bureau, the student loan debt among college students surpassed $1 trillion last year. This reflects an average debt load of $24,301 for each of the 37 million student borrowers in the United States.
Unless we take action to educate and protect borrowers, student loan debt will be the next mortgage crisis. Young Americans are being hamstrung by record debt levels, forcing them to delay other important investments in their futures, including purchasing homes and saving for a secure retirement. By empowering students with clear guidance about their federal financial aid options before they turn to more expensive private loans and restoring the option to discharge private loan debt through bankruptcy.