U.S. Secretary of Education Betsy DeVos warned of the rising student debt as a ” looming crisis” in remarks given at the annual Federal Student Aid (FSA) Training Conference in Atlanta Tuesday.
“Our higher ed system is the envy of the world, but if we, as a country, do not make important policy changes in the way we distribute, administer, and manage federal student loans, the program on which so many students rely will be in serious jeopardy,” DeVos said in her speech at FSA, according to a transcript from the Department of Education.
The FSA is a part of the DOE that is responsible for the student loans given by the government, The Associated Press reported Tuesday.
DeVos added since the FSA’s establishment in 1965 to 2007 saw the student loan balance grow to $500 billion. The balance went to $1 trillion between 2007 and 2013. America’s student loan balance is currently $1.5 trillion.