Betsy DeVos: Student Loan Debt Is Now A Crisis

(Forbes) Student loan debt is now a crisis says U.S. Department of Education Secretary Betsy Devos. Heres what you need to know. The Latest Student Loan Debt Statistics Rising student loan debt has created a crisis in higher education DeVos said yesterday during a training conference for the Education Departments Federal Student Aid (FSA) division which manages federal student loans. Personal finance website Make Lemonade says that the student loan debt is now the second highest consumer debt category - second only to mortgages and higher than credit card debt. According to Make Lemonade there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt. The average student in the Class of 2016 has $37172 in student loan debt. The average student in the Class of 2017 has almost $40000 in student loan debt.