The student loan crisis has reached a total debt of $1.64 trillion across 45 million borrowers. According to a survey conducted by StudentDebtCrisis.org, 33% of federal student loan borrowers were having difficulty making their payments before COVID-19; and a staggering 46% of borrowers expect to be challenged making payments after federal relief ends on December 31, 2020. Even before the pandemic, according to the Center for Microeconomic Data, more borrowers were delinquent on their student loan payments than mortgages, credit cards, or auto loans payments.
Government has tried solutions such as Public Student Loan Forgiveness, but the government alone cannot be expected to solve this challenge. There is an opportunity for the private sector to support employees who took on the debt to prepare for a professional career.
