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Student loans are a vital form of US financial aid that must be repaid, and by 2018, 70% of graduates had used them, with total debt reaching $1.73 trillion by July 2021. The system originated in 1958 with the National Defense Education Act (a response to the Sputnik launch) and expanded in 1965, later seeing the creation of Sallie Mae in 1973, but it wasn't until 2010 that student debt surpassed credit card debt. A major concern is the disproportionate default rate at for-profit colleges, which enroll about 10% of students but account for 40% of defaults, with a 52% 12-year default rate reported in 2018. Research shows that while loans increase degree completion and later earnings for credit-constrained students, they also drive tuition increases, and borrowers who drop out default at three times the rate of graduates. Finally, a 2023 Brookings Institution study found that repayment pauses benefit affluent borrowers most, as they hold the largest balances, while bankruptcy discharge remains difficult.