(Forbes)
Student loan debt is now a crisis, says U.S. Department of Education Secretary Betsy Devos.
Here's what you need to know.
The Latest Student Loan Debt Statistics
Rising student loan debt has created a "crisis in higher education," DeVos said yesterday during a training conference for the Education Department’s Federal Student Aid (FSA) division, which manages federal student loans.
Personal finance website Make Lemonade says that the student loan debt is now the second highest consumer debt category - second only to mortgages and higher than credit card debt.
According to Make Lemonade, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt. The average student in the Class of 2016 has $37,172 in student loan debt. The average student in the Class of 2017 has almost $40,000 in student loan debt. Read more
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