The student loan debt crisis is a serious problem that affects millions of Americans who pursue higher education. According to CNBC, the total amount of student loan debt in the U.S. is $1.7 trillion, with an average of $28,950 per borrower². The rising cost of college tuition, the lack of state funding for public universities, and the availability of federal and private loans have contributed to this situation¹. Many borrowers struggle to repay their loans, which can have negative consequences for their financial well-being and the broader economy¹. Some possible solutions to the crisis include increasing federal grants and scholarships, expanding loan forgiveness programs, and reforming the student loan system³.

Source: Conversation with Bing, 9/2/2023
(1) This is how student loan debt became a $1.7 trillion crisis – CNBC. https://www.cnbc.com/2022/05/06/this-is-how-student-loan-debt-became-a-1point7-trillion-crisis.html.
(2) Student Loan Debt Crisis Breakdown – The Balance. https://www.thebalancemoney.com/student-loan-debt-crisis-breakdown-4171739.
(3) What Will It Take to Solve the Student Loan Crisis?. https://hbr.org/2019/09/what-will-it-take-to-solve-the-student-loan-crisis.
(4) How student loan debt became a trillion-dollar problem for Americans – CNN. https://www.cnn.com/2023/02/27/politics/us-student-loan-debt-timeline/index.html.

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