The role of credit unions in the student loan crisis
With student loans continuing to soar, the crisis has become a hot topic in both political and financial news. Student loan debt has reached astronomical levels in the United States, with 44.2 million Americans carrying an estimated $1.48 trillion in education debt. Within the last 20 years, the cost of higher education has risen faster than income levels. It should be clear to us, as members of the financial services industry, that this isn’t sustainable for the future. So what role do credit unions play in this issue and how can we provide the education our members need for the long term?
Student Debt Statistics
In the first quarter of 2019, student loan debt rose to $1.49 trillion—that’s more than the national totals for auto loan debt ($1.28 trillion) and credit card debt ($850 million), combined. Student loans are now the second-largest debt category after home mortgages.
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