Many Southaven residents have likely heard of the negative impact student loans have had on Americans' existing financial challenges. Countless college graduates, and even those who haven't finished their degrees, struggle with the need for debt relief. While student loans have financed public and private college educations for years, today they represent an increasingly sizable share of government-issued debt.
Information out of the Federal Reserve Bank shows that over 11 percent of student loans were classified as delinquent during the fourth quarter of 2014. According to the Education Department, 13.7 percent of borrowers who would have started repayment in 2011 have defaulted on their loans. Additional data points to a troubling mix of factors that could cause even more Americans to become buried in debt. For instance, it is estimated that another $1 trillion in student loan debt will accumulate in the next ten years. This is partly due to the soaring costs of attending college; tuition has increased by over 1,000 percent since the late 1970s.