FOND DU LAC, Wis. (Sabre Voice) – Do you know how much debt students get into? Americans are in debt of $1.4 trillion due to student loans, according to CNBC.
Student loans are now the second largest debt in the United States. Seventy percent of individuals who graduate from college have student debt, and the average college student owes more than $37,000 in debt, according to CNBC.
Students who come to college may accept loans without understanding how it will affect them later in life. They may not consider how the school or major they choose will impact them financially or think that they will be able to pay their loans back once they start their career.
Forty percent of people who pursue a bachelor’s degree do not graduate within six years, according to CNBC — a number which increase when students attend a “private, for-profit school,” according to CNBC.
In Wisconsin, student loan debt rates are no different. More than 60% of the class of 2018 had more than $30,000 in student loan debt, according to WPR.
Earlier this year, Gov. Tony Evers said the government will provide ways to prevent student debt, including lessons to teach students about student debt so they will have knowledge on the subject. Evers is also starting to look at new ways that student loans can be adjusted for college students as part of the new task force.
This group “will assess the causes of student debt, provide long-term strategies to reduce education-related debt, find ways to prevent abusive practices by loan companies and improve loan education,” according to WPR.
Contributors to this article
Healey, P. (2019) We should all be concerned about the student debt crisis. CNBC.
Watson, A. (2020). Gov. Tony Evers Creates Student Debt Task Force. Wisconsin Public Radio.