While the average college student carries a loan of under six figures for their education, the number of those with more than $100,000 in debt is on the increase. According to an article on cnbc.com, “In the first quarter of 2019, over 6 percent of all student loan borrowers owed more than $100,000, up from 5.4 percent in 2017.”
The article goes on to cite instances of borrowers who owe as much as half a million on student loans, suggesting that the priority should be finding the best repayment plan and focusing on paying the loans with the highest interest rates to save money. Read the full article here.
LEVERAGE offers an option through LendKey for your credit union to be involved in student loans. Click here for details.