US student loan debt has grown to over $1.5 trillion, but this doesn’t include private loans.
Now, the Department of Education says 43% of these government-backed loans are considered “in distress.”
Fewer than a quarter of student loan borrowers are paying down their principals. Most are simply making interest payments - if they are paying anything at all.
The student loan program is seen as yet another bubble created by government, and this also creates a tremendous drag on the economy.