Wallet Hub: “Post-college debts represent one of the biggest financial burdens to Americans. In fact, student loans make up the second highest form of household debt after mortgages, totaling $1.5 trillion. But how burdensome are the individual loans? According to one study, the share of students graduating with $50,000 or more in student loan debt has more than tripled since the year 2000. High balances combined with a payoff timeline that lasts into middle age force many graduates to significantly delay or forego other financial goals such as saving for retirement or buying a home. That’s the unfortunate reality for many student-loan borrowers who cannot keep up with their payments. According to Forbes, 40% of borrowers may default on their student loans by 2023. Surprisingly, though, students with smaller debts are more likely to default than those with larger ones. Student-loan debts are more unsustainable in some places than others. WalletHub therefore compared…
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