The State of Lending: Student Loans
Income and employment opportunities are important for wealth-building and financial well-being, and a college education is critical in today's competitive job market. But post-secondary education has never been more expensive, and most U.S. families rely on student loans to help finance a college education. In the U.S., total student loan debt now exceeds $1 trillion and nearly one in five households has a student loan. This chapter discusses key differences between federal and higher-cost private student loans, and recent and rapid increases in student defaults driven primarily by loans to...