Bearing the Burden: Unveiling the Student Loan Crisis in 2024 and Exploring Paths to Financial Relief
The United States currently owes $1.75 trillion in student loan debt. The Federal Reserve declares that student loan debt amounts have risen by 66% during the last ten years. According to the College Board, 54% of graduates with a bachelor's degree in 2020–21 had student loan debt, with an average sum of $29,100. The Biden-Harris government has established a student loan forgiveness program as a way to address this situation. For millions of young borrowers who are drowning in student loan debt, some experts contend that forgiving student loans is a vital first step towards relief, while others think it would just be a short-term fix. In this blog, we will look into how student loan forgiveness will not tackle the student loan crisis and suggest possible student loan crisis solutions . Understanding Student Loan Forgiveness What is Student Loan Forgiveness? Due to the high cost of tuition at many colleges, students are forced to take out loans in order to pay for their education