The institute also examined the
amount of education debt held by those close to retirement, and found a sharp increase over 25 years.
Student loan refinancing options are growing at a historic pace, offering more opportunities to lower monthly payments and interest rates and reduce the
cost of education debt.
Award amount is dependent on the
level of education debt with a maximum of $ 50,000 over the two - year agreement for dentists.
The institute funds: (1) research training and career development activities; (2) a diverse workforce through diversity and re-entry supplements; and (3) the
reduction of education debt via the Loan Repayment Program.
Gergen also spoke about the need to increase student funding and financial aid at Harvard's public - service schools in order to attract the best students and lessen the
burden of education debt.
The US
Department of Education Debt Collection Service publishes a guide called Guide to Defaulted Student Loans to help students repay their defaulted student loans.
Statistics from the New York Federal Reserve bear out the trend: Those over the age of 40 account for 35 %
of education debt caused by longer repayment schedules, returning to school for advanced degrees and additional borrowing for children's education.
As the amount
of education debt has skyrocketed over the past decade, more companies have begun offering services to help borrowers.