In the first quarter of 2020, Americans owed over $1.6 trillion in student loans. This figure was about $500 billion in 2007. It might be easy to think that the escalating debt has to do with a higher number of students in colleges, but this is not the case. There were 18.25 million students in both private and public colleges in 2007, and there are 19.75 in 2020 (Source).
What the numbers above show is that more Americans are turning to debt to finance their education. With the unemployment brought about by the Coronavirus (Covid-19), more people are likely to turn to student loans to remain in college. Many more may default.
About 10% of Americans default on their student loans. But is there a way to ensure that you don’t become part of this 10%? Fortunately, the answer is yes, and you too may qualify for student loan consolidation and student loan forgiveness.
We took some time to look at the most frequently asked questions about student loan consolidation and student loan forgiveness.
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