Intelligent.com recently unleashed the left’s modern-day version of slavery!
In one of their survey reports, Intelligent.com revealed that a vast majority of Americans are still burdened with student loan debts even after 20+ years of graduating. The survey also indicates that 76% of people who took these loans were in debt for 6-10 years after they graduate.
According to Intelligent.com, “overall, 27% of people surveyed borrowed money from the federal government to pay for school. Of that group, 61% are still paying off those loans.”
America’s standard federal student loan repayment plan is for a minimum of a 10-year period. So, of course, there’s nothing to wail about it. But, “a significant number of borrowers are still paying off loans well beyond that.”
The table embedded below clearly showcases the survey results of Intelligent.com.
Intelligent.com didn’t leave us wondering about anything; they clearly explained every finding.
Fifty-four per cent of borrowers who left school 11 to 20 years ago, and 42% of those who left college more than 21 years ago, are still paying off their loans. Forty-five percent of people who left school more than 21 years ago still owe between $10,000 and $49,999, as do 43% of people who left school 11 to 20 years ago.
In 2020, student loan debts took off to their highest level after the country suffered a recession due to the pandemic. The Biden regime promised to forgive borrowers of $10,000 each, but even a radical progressive like Elizabeth Warren pushed for $50,000 immediate forgiveness.
The managing editor of Intelligent, Kristen Scatton said, “It’s common to see people, years after they left school, with a loan balance that actually exceeds the amount they originally borrowed because of accumulating interest,” says Intelligent Managing Editor Kristen Scatton. “There are borrowers making monthly payments on their loans, but that is only going towards interest, not the principal balance. Once you fall into that cycle, it gets a lot tougher to pay off the loan in a set amount of time.”