Wednesday, May 13, 2015

Facts: Outstanding Student Loan Debt

According to the Federal Reserve of New York from yesterday, outstanding student loan debt is now at $1.19 trillion.

Report here.


Anonymous said...

My law school did exactly what Corinthian Colleges did: advertise to me a 90% employment rate without disclosing that those numbers of "employed" graduates included graduates employed in retail jobs, at Taco Bell, etc.

My law school has never been punished in any way, shape or form for that fraud.

Tuition increased 34% between the time I applied and the time I graduated.

The average interest rate on my loans is 7.6%.

During law school, the Obama administration removed the in-school, interest subsidy on all my loans, costing me tens of thousands of dollars more in capitalized, unpaid interest.

I live in abject poverty, earning below the federal poverty line. I anticipate being homeless in the very near future. My hope for the future is 0%.

I am not alone. I am a statistic.

Anonymous said...


No, you are not alone. There are many of us (40 million) out there. My husband and I have been suffering with student loan debt (he for 21 years and me for 11 years) with no end in sight.

Keep your head high. In all of the time that I have had my debt, I have never seen anything like what we are seeing now. The people are no longer ashamed of their student loans. The banks are losing power thanks to bad press, public opinion, the CFPB and the 2016 election. If you'll notice, it has been a few years since some of the big private lenders have even offered student loans. They know something is coming around the corner. In fact, one of my loan companies just sold me. Again.

I believe help is on the way. It may take a few years, but this is unsustainable and at some point, congress will have no choice but to act.