Outstanding student loan debt in the United States reached a record US$1.35 trillion in March, up six percent from a year earlier. About 10 million people who borrowed from the government’s main student loan program – 43 percent – are currently behind or no longer making payments, with more than a third of them in default.
Millions of Americans are struggling to pay for college. Nearly 10 million students and their families took out almost US$100 billion in student loans from the federal government in the 2014-15 academic year, pushing outstanding student loan debt to a trillion dollars by the end of 2015.
U.S. student loan balances rose again, reaching a record $1.16 trillion by the end of 2014 while delinquencies rose as young Americans struggle to keep up with their mounting piles of debt.
The Higher Education Loan Programme (HELP) is funded by the Commonwealth Government for the citizens of Australia and the holders of permanent humanitarian visa. The repayment of the HELP loans is income-contingent. HELP consists of HECS-HELP loans, FEE-HELP loans and OS-HELP loans.[br]
Student loans are an excellent source of funding for higher education, in the absence of scholarships and grants. Initially, education loans only covered tuition. The scope of student loans has increased tremendously over time, encompassing accommodation, books and supplies, and even necessary expenses like transportation.[br]
A CFS Student Loan is aimed at helping students fulfill their fund requirements for education. Collegiate Funding Services was purchased by the Chase Bank in December 2005 and CFS Loans are now provided by the Chase Student Loan Department.[br]
