Education is one of the most powerful tools for building a better future, and most people are willing to work hard to get it. But for many, it comes at a cost: literally. Student loans often make higher education possible for those who can’t afford it outright. They bridge the gap between dreams and tuition fees. But while loans can open doors, they can also bring long-term burdens, especially when the repayment process becomes overwhelming.
As of June 2024, student loan debt in the U.S. reached an all-time high of $1.6 trillion. That’s a 42% increase compared to ten years ago. This rise is linked to more students attending college and the ever-climbing cost of tuition. Normally, many borrowers would’ve had options to avoid default, like negotiating repayment plans. But everything changed when student loan payments and interest were paused in March 2020 by President Trump due to the COVID-19 pandemic. President Biden extended the freeze several times before it ended in October 2023.
