The Education Finance Council (EFC) said that there are several factors to consider when examining the issue of U.S. student loan debt reaching $1 trillion.

For one, the EFC said this is the total amount of debt incurred in over 40 years by millions of students.

Additionally, the cases most often reported are about borrowers who have hundreds of thousands in student loan debt and no way to pay it. The truth is that 90% of student loans have balances of $50,000 or less and 40% are less than $10,000 based on Federal Reserve Bank of New York numbers.

"Consider other reasons for which Americans accumulate debt, which are socially acceptable and in fact, oftentimes encouraged as a sign of economic growth," the EFC said. "Most purchases, from a $30,000-car to $30-shoes, last far less than a lifetime, unlike the benefits of higher education."

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