Student debt has reached a “crisis level.” New data revealed that student loan debt was up $15 billion in the last quarter of 2018 making it an all-time high at $1.46 trillion.
According to data from the recent quarterly housefold debt report from the Federal Reserve Bank of New York’s Center for Microeconomic Data, the age bracket in the most debt was 19 to 29 year olds, who collectively, were $1 trillion in debt as of last year.
“Student debt is at a crisis level in this country, and it holds our whole economy down,” Sen. Kirsten Gillibrand (D.N.Y.) and 2020 presidential candidate, said on Twitter.
And “one in four Americans” want Congress to do something about the “crisis.”
“Student loans make up the majority of the $1,005,000,000,000 owed by this cohort, followed by mortgage debt,” a Bloomberg report stated.
Aside from debt loan forgiveness programs, many Americans want Congress to implement bold new progressive policies, such as tuition-free college, as well as new protections to help student borrowers gain financial stability.
“It’s time our policymakers take these challenges seriously, and offer meaningful solutions to help borrowers get ahead,” Melissa Haggerty, a Loyola University Chicago alumna, said.
While young Americans continue to get crushed by student debt, “11.4% of aggregate student debt was 90+ days delinquent or in default” in the fourth quarter of 2018, the report stated. This was “a small improvement from the jump seen in the third quarter of 2018.”
“We are crushing the next generation with debt,” Andrew Yang, Universal Basic Income proponent and 2020 presidential hopeful, said.