Millions of Americans rely on the federal government to cover the cost of college. Education loans have existed for generations, but borrowing only really took off in the past two decades.
Soaring college costs, higher enrollment, changes to the federal lending system, labor market demand for credentials and paltry wage growth have all contributed to the $1.6 trillion in outstanding federal student debt. This does not include debt originated in the private market. The federal lending system, which originates the vast majority of student loans, is complex. There are many moving parts and many people whose lives it has touched.
Read more at the Washington Post.