The Alarming Rise of Student Loan Debt: What You Need to Know

❗The total student loan debt in the US has reached $1.8 trillion, and it continues to rise rapidly.

💸The government's involvement in student loans and the lack of financial education have contributed to the problem.

⚖️Private lenders like Yrefy are helping borrowers in distress with their private student loans, but federal loans pose challenges.

🎓Student loans are a necessary evil for many students who can't afford college education without them.

🔃Once borrowers are trapped in student loan debt, it becomes a burden for life, as they can't discharge it through bankruptcy.

How much student loan debt is owed in the US?

—The total student loan debt in the US is over $1.8 trillion and continues to increase.

Why is student loan debt a crisis?

—Student loan debt has reached a crisis level due to the government's involvement, rising college costs, and lack of financial education.

Can private lenders help with student loan debt?

—Private lenders like Yrefy are helping borrowers with private student loans, but federal loans pose challenges.

Are student loans a necessary evil?

—For many students, student loans are a necessary means to afford college education.

Can student loan debt be discharged through bankruptcy?

—Unlike other debts, student loan debt is very difficult to discharge through bankruptcy, making it a burden for life.

00:00The student loan debt crisis in the US has reached an unprecedented level.

02:06The federal government's involvement and lack of financial education contribute to the problem.

05:31Private lenders like Yrefy are helping borrowers in distress with private student loans.

08:42Student loans are a necessary evil for many students.

11:23Student loan debt cannot be discharged through bankruptcy, making it a burden for life.