The total amount of student loan debt in the United States is now estimated to exceed $1 trillion

The total amount of student loan debt in the United States is now estimated to exceed $1 trillion

About 20 million Americans currently attend a college or university, and almost two-thirds of them borrow money to pay tuition and other expenses. The average debt for all borrowers is somewhere around $30,000, and that number continues to grow as tuition and other costs keep going up. Student loan programs offer some forms of relief to borrowers that are not usually available for other types of loans, such as payment deferrals and various repayment plans. Unlike many other types of loans, however, student loans are not subject to discharge in bankruptcy, except in extraordinary circumstances. Consumers should consider their options very carefully when considering borrowing money for education. …