Student-loan borrowers now owe the federal government more than $1-trillion for the first time, the Consumer Financial Protection Bureau announced on Wednesday.
The swelling federal student-loan debt now sits at $1.2-trillion, the bureau estimated. The country passed the milestone with a fitting backdrop: the debate in Congress over student-loan interest rates. Rates for new borrowers of federally subsidized loans doubled, to 6.8 percent, on July 1, with Democrats and Republicans sparring, before and since, over the best way to set future rates.
To continue reading for FREE, please sign in.
Or subscribe now to read with unlimited access for as low as $10/month.
Don’t have an account? Sign up now.
A free account provides you access to a limited number of free articles each month, plus newsletters, job postings, salary data, and exclusive store discounts.
