Currently, there is $1.75 trillion in total student loan debt, including federal and private loans. 55% of students from public four-year institutions, and 57% of students from private nonprofit four-year institutions took on educational debt. At the current pace, “outstanding student loan debt could top $3 trillion by 2035,” according to one expert. It's not just young graduates - many people carry their educational debt well into middle-age, and even retirement: 2.4 million borrowers aged 62 or older owe $98 billion in student loans. That’s why we want to talk about student loans: they have become an increasingly important issue in most people’s overall financial picture. Tim and Dan discussed the history of student loans, the types of loans, the Public Service Loan Forgiveness, and what it means from a financial planning perspective. As always, talk to us or your financial advisor if you are interested in learning how this may impact you.
