With student loan debt tipping the deficit scales at a now record high of $1.5 TRILLION dollars, we couldn’t help but wonder, “How the heck did we get here?” Just a few months back we were on pins and needles waiting to see if The Trump Administration would follow through on their threats to draw back (and possibly even eliminate) some of the income driven and loan forgiveness programs that many of America’s 44 million + student borrowers depend on. Now, in a surprising turn of events, this same administration has given the thumbs up to not only keep all of the additional student loan benefits introduced during the Obama administration, but to now ADD a whopping $350 million dollar FIRST COME, FIRST SERVE forgiveness expansion! As happy dances ignited around the country, our curiosity continued to grow. “Has it always been this way?” “Where will the student loan industry go next?” The unpredictability of policy change (from various administrations) and skyrocketing rates of student loan debt (which has increased by over 250% in the last 18 years alone) sparked our team to crack open the history books for answers. To learn how our country got to what many refer to as, “America’s Student Debt Crisis,” click below for a historical 101 of events.
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We may not be able to predict the future, but if there’s one thing our student loan history can tell us: it’s when the goods are good (such as the latest forgiveness boost) TAKE ACTION before the gavel falls on another bump in the road. To find out if you qualify for the forgiveness expansion, click below.
Information Resource:
https://www.marketwatch.com/story/student-debt-just-hit-15-trillion-2018-05-08
https://www.cnbc.com/2018/02/12/trumps-budget-would-end-student-loan-forgiveness-program.html
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