According to studentloanplanner.com student loan borrowers in the U.S owe $1.64 trillion of student loan debt with the federal student loan debt averaging just over $35K. Student loans surpass all other forms of debt in the U.S. aside from housing debt where they come in at a close second surpassing credit card, auto, and other consumer debt. According to nmpovertylaw.org close to 2/3rds of all students are in debt with an average delinquency rate of just over 10%. Statistics reveal that New Mexico has the second highest student loan default rate in the country; and many in the state especially those in rural communities reflect a greater disadvantage. Student loan debt in New Mexico has skyrocketed over 129 percent in the last decade and New Mexicans now owe more than $6.8 billion in student debt. More than 1 out of every 5 student loan borrowers in New Mexico are severely delinquent on their debt; and the state ranks eighth in the country of states with the highest percentage of delinquent debt, and eleventh in percent of borrowers with delinquent debt; and nearly a quarter of all borrowers living in rural New Mexico are severely delinquent. how to deal with what many are calling the student loan debt crisis? Author Stephanie Bousley of the book, "Buy the Avocado Toast: How to Crush Student Debt, and Live Your Best Life" is suggesting some out of the box answers and solutions for ways students who might not qualify for student loan forgiveness programs might ease the overwhelming and sometimes unbearable burden.
For more information on the book see the link below: