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Got student loans?

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Brenda EcheverriaDo you (or a family member) have student loans? If you took out loans after October 1, 1998, have been teaching full-time in a low-income elementary or secondary school for five consecutive years, or are working in public service or in the military, you may qualify for some student loan forgiveness programs.

It’s surprising how many people are not aware of these programs and how many borrowers could actually benefit from them—the Consumer Financial Protection Bureau estimates that one-fourth of the American workforce may be eligible for repayment or loan forgiveness programs.

Here a few stats of interest:

  • 40 million student loan borrowers (including 753,000 Wisconsinites) have outstanding student loans today.
  • More than $1.2 trillion outstanding student loan debt exists nationwide.
  • Two-thirds of U.S. college students carry a debt load averaging $25,250.
  • About 14% or 5.4 million borrowers have at least one past due student loan account.
  • It now takes an average student loan debtor twenty-one years to pay off his or her college loans.
  • Tuition for students at public universities has more than doubled since 1987.
  • Rates of home ownership are 36% lower among people still carrying student debt.

If you'd like to learn more about some potential routes to student loan forgiveness, read our "Got student loans? Seek forgiveness" article.

Brenda Echeverria, Financial Planner

This blog post is for informational purposes only and not intended to be legal or tax advice. Consult your tax advisor or attorney before taking any action.