More than 43 million Americans have more than $1.3 trillion in student loans — more than doubling from $600 million in 2006. This dramatic increase is creating a crisis for younger workers, an opportunity for brokers and a push for legislators to do something.
Seven-in-10 graduates from the class of 2016 have student loans, with an average loan balance of $37,172, according to Brian Walters, senior vice president at GradFin, a student loan debt repayment company. On top of that, 90% of borrowers do not know their interest rate, he explained Tuesday during remarks at EBA’s Workplace Benefits Mania in Las Vegas.
Register or login for access to this item and much more
All Employee Benefit News content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access