America’s student debt crisis explained

Source: Andrew Berkley, John World - Economic Forum

Americans have racked up a total of $1.5 trillion in student debt, and they’re having more trouble paying it off. More than one-third of all severely delinquent debt in the country is the result of the growing pile of derelict student loans, which topped $89 billion by the second quarter of this year, compared to $38 billion in the same period of 2013, according to the Federal Reserve Bank of New York. This has exposed increasingly desperate borrowers to scammers fraudulently offering relief and spurred calls from presidential candidates Bernie Sanders and Elizabeth Warren to either forgive a large portion of this collective liability or simply wipe it off the books—a remedy that, in terms of dollar value, could dwarf the Marshall Plan, which funded the rebuilding of Western Europe after World War II.

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