Borrowers will be able to provide their financial information once an application is launched in the coming weeks. (Getty Images)
The US Department of Education canceled around $8.7 billion in student debt this year. But that is just a drop in the bucket.
The Cache Valley Daily reports overall college loan debt reached more than $1.5 trillion in 2020. That’s from the US Census Bureau.
Graduates in Utah hold the least amount of outstanding loans at $16,633. But debt burden is on the rise for students overall.
The median nationwide student debt in 2017 was $20,000. Now, the average is closer to $29,000, according to the newspaper.
However, people graduating from the higher echelon schools, such as Ivy League institutions, carry much higher debt on average.