Student debt levels have exploded relative to other forms of debt over the past decade in particular. Educational loan totals recently surpassed $1.4 trillion in the U.S., up from $550 billion in 2011 and only $90 billion in 1999. The average level of indebtedness upon graduation is up to $37,172 and there are 44 million student borrowers.

Default rates have crept up steadily to 11.2%, and if you include delinquency rates it’s as high as 25%. This is limiting the growth of our economy and also crippling the advancement of millions of young people in their careers and in starting families. We need to create a clear path out of this crippling debt.