Hawaii residents reflect on high cost of student loans and housing

HONOLULU — $1.56 trillion: that’s a big number to digest, and it refers to how much money Americans currently owe in student debt.

$4.1 billion of that U.S. total is owed by student loan borrowers in Hawaii alone – more than twice the amount owed in the Rainbow State 10 years ago.

This deep debt, coupled with the high cost of living in Hawaii, makes it challenging for borrowers to make ends meet.

According to the website, Student Loan Hero, the average monthly loan payment in 2019 is $393.

Other sources show the monthly cost of living for a family of four in Honolulu is $9,632.

Students and young professionals alike have shared their regret of not being more informed about what student loans are, what scholarships are available to them and what it means to budget accordingly.

BA spoke to Hawaii residents and students on the promises — and faults — of the U.S. education system.

For more information on federal student loans, loan forgiveness programs, and repayment options, please visit the Dept. of Education’s website at ed.gov.

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  • Mario
    21 April 2019 at 6:51 am - Reply

    Blame the Obama Administration,on 2010 they took charge in the management of Student loan. Originally it was the private banks, that manages the Student loan, but when the Democrat step-in, and the Government control the student loans everything messed up.
    There is no solution not until after 2020 election, the Democrat rather focus to re-start Russian collusion investigation again. As long as the Democrat control the House, they will do everything to obstruct Trump. Dems next move is to impeached Trump because of his language…..Hawaii is a Democrat control State, there is no opposition party, the Democrat can just decide to increase student loan interest, car registrations, parking fees, add all kinds of fees on water, gasoline, electric, etc. No one can question them. There is no Republican to question them.That is the reason why Hawaii cost of living is one of the highest in the country.