Student loan borrowers in the United States collectively owe almost $1.5 trillion in student debt, and according to the Brookings Institute, almost40 percent of borrowers will default on their student loans by 2023.

Student loan borrowers in the United States collectively owe almost $1.5 trillion in student debt, and according to the Brookings Institute, almost40 percent of borrowers will default on their student loans by 2023.