Jason Furman - Chairman of the Council of Economic Advisers
Over the past twenty years, student debt has risen rapidly and now totals $1.3 trillion, the second largest category of consumer debt. With the rise in student debt, and the deep recession, defaults and delinquencies had also increased sharply, though over the past couple of years, they have stabilized and started to fall modestly. That’s why for the last seven years, President Obama has worked hard to make college more affordable and student debt more manageable. Investments in education typically have high returns, and it’s essential to address the challenges of student debt, so that all Americans can gain the economic benefits of higher education, while minimizing the risks like failing to complete a degree, receiving a low-quality education, and finding a job with low earnings. A new report by the Council of Economic Advisers brings new data to bear to better understand the nature of these challenges.