Student loan default recoveries (FY17 Q1). U.S. federal student loan defaults totaling over 81 billion dollars have been assigned to thirty private collection agencies. DATASOURCE: Federal Student Aid. WIDGET: factgraphs.org
According to the nonprofit organization Student Debt Crisis, our collective student debt as a nation is currently at $1,740,184,278,148. Education, the theoretical equalizer, has turned into yet another way that deep inequality remains entrenched in our country — as well as a partisan flashpoint. After Bernie Sanders dropped out of the presidential race, Joe Biden announced a proposal for expanded student loan forgiveness in a bid to reel in Sanders supporters. Meanwhile, President Donald Trump vetoed a major student loan forgiveness bill in May, dealing a blow to students who seek debt cancellation because they say colleges defrauded them.