U.S. student loan debt has passed 1.6 trillion.

According to Mike Calhoun, president of the nonprofit Center for Responsible Lending, there are lots of similarities between student loan debt and the housing market crash that led to the recession. 

Among the most striking, he says, is how student loan default levels are higher for African Americans. 

According to Yale University, the U.S. is not the only country with rising student debt.
Although tuition is free in many countries, in others it can cost tens of thousands of dollars or more. 
In the U.S. the average student loan debt is $37,000 and in the U.K. it’s $55,000.

So what would it look like if all of this debt was forgiven?
Forbes reports an assessment by Moody’s, a business and financial services company, that finds it would lead to:

- A modest increase in household consumption and investment

- An improvement in small business and household formation

- Increased home ownership in the long-term