"When there's bipartisanship in Washington, it's a beautiful thing. These U.S. Senators are uniting to eliminate a 'hidden' student loan tax that may be costing you thousands of dollars," Forbes reports.

"... According to the National Association of Student Financial Administrators:

• The federal government earned $1.7 billion in revenue for the 2017-2018 school year and $8.3 billion over the past five award years.
• The average undergraduate borrower in a four-year program will pay an estimated $294 in origination fees and associated interest if enrolled in a standard 10-year student loan repayment plan.
• The average graduate student in a two-year program pays about $1,174 in origination fees and associated interest if repaying over 10 years.

The latest student loan debt statistics show how serious the student loan debt issue has become for borrowers across all demographics and age groups. There are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. Student loan debt is now the second highest consumer debt category - behind only mortgage debt - and higher than both credit cards and auto loans. It's estimated that 40% of student loan borrowers may default on their student loans by 2023."

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

Publication Date: 6/13/2019