The student loan burden in the US is about $1.6 trillion and rising, mostly because people have barely made a dent in paying down their loans.
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That’s according to a report released Thursday from credit rating agency Moody’s Investors Service. While higher college enrollment rates and rising tuition costs used to the main reason for growing student loan balances, the report states that slow loan repayments have recently become the primary driver.
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“Over the next few years, the combination of slow repayments and elevated, if no longer growing, levels of new borrowing will likely fuel further increases in outstanding debt,” the authors of the report write.
In recent years, the number of students enrolled in higher education has declined
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Article URL : https://www.cnn.com/2020/01/19/us/student-loan-slow-repayment-moodys-trnd/index.html