American college graduates are swimming in student loan debt. In the last decade, it eclipsed consumer credit card debt and auto debt, respectively. Now, at nearly $2 trillion nationwide, total student loan debt is second only to mortgage debt.
As CNBC reporter Annie Nova writes, “Around 43 million people in the U.S. are in debt for their education. Each year, 70% of college graduates start off their lives in the red. And their average balance is around $30,000, up from $10,000 in the early 1990s.”
Many politicians believe the only solutions to the ongoing debt crisis can come from Congress. In reality, states are better equipped to address spiraling debt because state legislators have a better sense of the situation on the ground. We know our schools, we know our students, we know our job markets.