(CNSNews.com) – The outstanding balance for all of the direct student loans the federal government has issued topped $600 billion in April, according to newly released data from the U.S. Treasury.
The total balance hit $600.457 billion by the end of April, says the Treasury, up from $592.142 billion at the end of March.
The Federal Direct Student Loan Program already has built-in debt forgiveness plans for people who end up earning low incomes or for those who entered lines of work preferred by the government.
In January 2009, when Obama was inaugurated, the balance was $119.803 billion and has since increased more than fivefold.
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