U.S. student loan debt is at $1.66 trillion, according to the NY Fed Reserve.
The Trump administration said on Tuesday that it will begin garnishing the wages of student loan borrowers who are in default early next year.
With students home for winter break, now is an excellent time for families to get a jump start on their financial aid applications.
The debt includes mortgages, car loans, credit cards and student loans.
The Trump administration has agreed to resume student loan forgiveness for an estimated 2.5 million borrowers who are enrolled in certain in certain federal repayment plans following a lawsuit from the American Federation of Teachers.
Paying for college and related expenses are top of mind while students decide on higher education.