Millions of Americans rely on federal student loans to help finance their education. But outstanding loan debt now exceeds $1 trillion. Further, about 14% of borrowers default on their loans within 3 years of entering repayment.
Some federal programs exist to help borrowers, such as Pay As You Earn, but it’s unclear whether people are taking advantage of these programs—or even know about them.
Listen to Melissa Emrey-Arras, a director in GAO’s Education, Workforce, and Income Security team, discuss her team’s recent review of options intended to help borrowers manage payments or obtain loan forgiveness.