This fall, millions of college graduates received their first student loan bills, joining the over 44 million Americans paying off a collective debt of $1.3 trillion. The average student loan bill continues to increase each year, with 2016 graduates facing an average of $37,000 in debt. As college graduates struggle to pay off those loans, the economic impact is real. Many are forced to postpone purchasing big ticket items, including homes and cars. Others are forced to move back into homes with a parent.
President-elect Donald Trump has proposed a change in repayment plans – increasing payments from 10 percent to 12.5 percent of the student’s disposable income while forgiving loans after 15 years instead of 20. Matter of Fact Correspondent Diane Roberts visits with Sunmer and Nicol Davis who have been paying off their loans for 12 years.
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