There’s been lots of talk within the Biden Administration about forgiving student loan debt. But with chaos widely reported at companies that service student loans, some debtors can’t even figure out how much they owe — much less actually pay down their balances.
During a recent podcast, Peter Schiff talked about the student loan debacle.
In a nutshell, it’s the government’s fault.
Democratic presidential candidates have been talking about the student loan crisis. And it is indeed a crisis. The total of the outstanding student loans in the US has more than doubled since 2009 when it was $675 million. The rate of delinquency on student loan debt pushed up to 9.5% in the first quarter of 2019, even as total student loan debt climbed to $1.49 trillion. Currently American owe more than $1.5 trillion in student loan debt. That’s more than their outstanding credit card balances.
