Data compiled in September of 2014, but just recently released in September of 2015, has confirmed a total amount of federal student debt exceeding one trillion dollars. This data, released by the United States Government Accountability Office (GAO), also reveals that, as of September of 2014, about 14 percent of borrowers had defaulted on their loans within three years of entering repayment.
Will information solve the problem?
The data confirming this amount was compiled as a report to Congress. It includes recommendations to "notify borrowers in repayment about income-driven repayment, and examine borrower awareness of Public Service Loan Forgiveness."
Unfortunately for many borrowers, Public Service Loan Forgiveness is limited to workers in specific occupations.
The GAO's recommendations did not include notifying borrowers about deferment or forbearance options, or increasing the number of times a borrower can apply for such programs if he or she cannot find a job or can only find a part-time job.