As of 2014 there were about 5 million borrowers with such large loan balances, out of 40 million Americans total with student debt. Large-balance borrowers represented 17% of student borrowers leaving college or grad school in 2014, up from 2% of all borrowers in 1990 after adjusting for inflation. Large-balance borrowers now owe 58% of the nation’s $1.4 trillion in outstanding student debt.
Student loans are a political football and everyone thinks they know the situation but few do. To be informed one must read more than the headlines.
They are also a moving target, with rules constantly changing but we and the media have a static image in our mind.
1) If you do research , the loans can be forgiven in bankruptcy.
2) There are 4 repayment plans. One plan is 15% of discretionally funds, and do some research on how that is figured.
3) It appears the debt is forgiven after 25-30 years of min payments. 10 years if you work in the public sector!!!!!!!
YET IT IS A MAJOR POLITICAL FOOTBALL THAT DOES NOT GO AWAY...............
Actually Wikipedia has some good information regarding student loan. But if you do a google search or bing search the sites are very informational and biased.
https://en.wikipedia.org/wiki/Student_loan
Not for all loans. Usually just from .gov. Private sector is sol.