Published: December, 2021
While 40 percent of people age 20–29 have student loan debt, the number drops to 19 percent for people age 40–49 and 4 percent for those age 60 and older. The percentages are substantially higher for people with at least some college education, but the trend is the same. Overall, 27 percent of Americans with at least some college education have student loan debt, with the numbers ranging from 56 percent of 20–29 year olds to 6 percent of those age 60 and older.
Before the pandemic student debt was a challenging issue. During the pandemic student debt has become more onerous because over 11 million people are unemployed and many others are facing numerous financial issues including but not limited to evictions, foreclosure, mounting credit card debt.
One of the most daunting projects any individual personal or professional, will ever take on will be an attempt to pay off student debt. The latest student loan debt statistics for 2020 show how serious the student loan debt crisis has become for borrowers across all demographics and age groups. There are 45 million borrowers who collectively owe nearly $1.6 trillion in student loan debt in the U.S. Student loan debt is now the second highest consumer debt category - behind only mortgage debt. Student loans are so high that for chiropractor’s debt is over $240,000 and for dentists over $285,000. These individuals may invest years attempting to repay all this debt.
In early, 2020 President Trump and Congress enacted the Cares Act to all qualified individuals with student loans thereby suspending any interest and any payments until January 1, 2021. That means it is time for your debt repayment. If you do not have the money, you may be placed into financial ruin. Or, is there another way?
You do not have to feel stuck nor remain stuck attempting to repay former educational bills. If you seek methods to escape the tremendous burden of student loans this CPE webinar will change your life while saving you hundreds if not thousands in the process.
CEO and Leadership Change Expert Stevens Performance