Final answer:
The average borrower takes many years to pay off only a portion of their student loan debt, with average debt levels increasing from around $23,000 in 2009 to over $30,000 in 2020. High debt levels have prompted proposals for debt cancellation and free college to reduce the financial burden on graduates.
Step-by-step explanation:
Years after borrowing, the average borrower has only paid off a portion of their student loans. With the rising costs of education and the associated debt burden, graduates often begin their careers deeply in debt. As of 2009, a typical student loan debt was about $23,000. By 2020, the amount had grown with the average student debt exceeding $30,000, and the total national student loan debt had surpassed $1.6 trillion.
The increasing debt has led to various proposals such as debt cancellation and making college more affordable. Making only minimum payments on a loan can significantly extend the repayment period and contribute to the accumulation of interest, often resulting in the borrower paying several times the principal amount over time.