Watch America’s student loan debt grow $3,055 every second
We write a lot about the country’s rising student loan debt and the fact that it’s already over $1.3 trillion, as well as the effects it’s had on the economy and borrowers’ lives.
But it’s a lot different to actually see it grow by the second.
In fact, by the time you finish reading this post, it will likely have grown by $366,600.
Student loan debt rising with no end in sight
According to the clock developed for MarketWatch by StartClass, an education data site, the outstanding balance of the nation’s student loans is growing by about $3,055.19 every second.
And according to research from the New York Federal Reserve, only 37% of borrowers are actually paying down their student debt, while students continue to graduate with record student debt every year.
Help repaying student loan debt
While the clock offers a pessimistic view for reducing the nation’s overall student debt, there are some ways current borrowers can find relief.
We help student loan borrowers get on the best repayment plan for their situation and pay off their student debt faster.
And our partners at LendKey offer student loan refinancing to help borrowers lower their student loan interest rates.
We also work to help address the root of the problem–by helping families make college more affordable and pay for college without taking out high student loan debt.
If you’re interested in learning how we can help you or your family, give us a call at 888-234-3907 for a free consultation or contact us.
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