In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more. Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.
Editor’s note: This post was updated January 2020 to reflect current candidates.
You’d probably be hard-pressed to find a high-profile politician, these days, who’d disagree that a student debt crisis exists in the United States—or that the problem is still growing.
Some 43 million borrowers owe more than $1.5 trillion in federal government loans, according to numbers from the U.S. Department of Education’s office of Federal Student Aid. That’s more than $33,000 per borrower on average.
And in the first quarter of 2019, the Federal Reserve Bank of New York reports 10.9% of aggregate student debt was 90-plus days delinquent or in default.
Finding solutions? That’s where the debate comes in.Read more