The U.S. student loan system is broken.
How broken?
The numbers tell the story.
Borrowers currently owe more than $1.5 trillion in student loans, an average of $34,000 per person.
Over two million of them have defaulted on their loans in just the past six years, and the number grows by 1,400 a day.
After years of projecting big profits from student lending, the federal government now acknowledges that taxpayers stand to lose $31.5 billion on the program over the next decade, and the losses are growing rapidly.
Meanwhile, four in 10 recent college graduates are in jobs that don’t require a degree..."
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