Idaho Is One of the Least States Affected by Student Loan Debt
It is an issue that ranks up there with Russia, World War 3, Climate Change, the Chinese, the housing crisis, the economy, and every other challenge Americans face daily. President Biden tried to magically, although later ruled, unconstitutional to magically eliminate another mounting challenge to young and old student loan debt.
The continued problem of student loan debt is so bad that some folks have paid off their home loans, are collecting social security, and are still paying off student loans. Experts have called on Congress and the White House to figure out how to elevate the burden of student loan debt.
How Big is America's Student Loan Debt?
Unlike other debts, bankruptcy cannot wipe out student loan debt. Millions of Americans owe money to schools, banks, or other debt holders. How many? Good question: Wallethub says almost 44 million Americans owe a staggering $1.64 trillion.
You don't have to be an economist to realize that's a lot of money, and let's not forget the interest on those loans. Loan payments were suspended during COVID-19; as mentioned above, the president tried to wipe out a significant amount of debt owed. The taxpayers would be bailing out those who still owe money. Now that the Supreme Court has struck down the president's scheme, borrowers must begin paying back their loans.
How Student Loan Debt Hurts Graduates
Idaho is one of the most desired places to live, regardless of age. However, are Idahoans on the hook for massive student loans? As we've reported, the more someone owes in student loans, the longer it will take them to get a home or a new car loan.
Is There a Problem in Idaho?
The excellent news for Idahoans is that the state is one of the least affected by student loan debt, according to the study produced by Wallethub. The least impacted state is Wyoming; however, we're just a little behind ranking as the forty-seventh state affected by student loan debt.
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