By Tim Kowols
With student loan debt reaching an all-time high of $1.52 trillion, it is hard to imagine it could get any worse. Forbes magazine suggests 40 percent of college students could default on their loans by 2043, with a million people doing so every year. Former We Are Hope, Inc. CEO Sandy Duckett points to a 2013 bipartisan law passed by Congress as the main culprit. While it gave students more time to repay their loans, it essentially doubled their interest rates. Duckett says similar to the recent passage of tax reform, repealing the Bipartisan Student Loan Certainty Act could bring relief in a big way.
Duckett says while loan debt obviously has a negative effect on students, it is also having an impact on enrollment numbers at universities and colleges across the country.