Tis the season to contemplate New Years resolutions. With 44.5 million student loan borrowers in the U.S. owing a total of $1.5 trillion, student loans are certain to be a factor in most financial wellness resolutions.
Not only are more people in debt, but people are deeper in debt because of higher education. Average debt at graduation is currently around $35,000 up from $10,000 in the early 1990s. The effects on the individual are clear. Beyond straining budgets, student loan debt is preventing individuals from saving and building net worth. Research by the Federal Reserve found a strong correlation between the decline in American home ownership and increasing student loan debt. Studies by the National Associ…
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