20 Aug Risk of Student Loan Defaults – Signs of a Broken System
Federal student debt now exceeds $17 billion, and the government regularly writes off millions in defaulted loans.
Government reports indicate the cost of postsecondary education have risen well in excess of wage growth and inflation in the last 10 years.
In short, education is becoming increasingly un-affordable, while remaining a necessity for gainful full-time employment.
The average student graduates with $26,000 in government debt, takes 9-15 years to pay it off, and accounts for over 13% of recent grads’ incomes.
Student advocates call for more non-repayable grants and waived interest to help alleviate the symptoms.
See the full article from the Globe and Mail