Many American adults start their careers with burdensome student loan debt. Will graduates find relief? That's the $1.5 trillion question.

The Pew Research Center was inundated with questions when representatives used social media to ask people what they want to know about college loans. The overwhelming response made it clear that many people were concerned about student loans, whether they were just entering college or dealing with past debt.

You're Not Alone

According to Pew Research, approximately one-third of adults between the ages of 18 to 29 hold student loan debt, and a third of adults under 30 have outstanding student loan debt. About the same percentage of adults 18 to 29 have outstanding student loans. Among bachelor's degree holders, outstanding student debt rises to 49%.

The numbers improve slightly with age, however. For example, approximately 20% of adults 30 to 44 and only 4% of adults over 45 continue to hold student loan debt.

Older adults may hold less student debt, in part, because they've had time to repay their loans. However, research also shows that today's young adults are more likely to take out a loan to pay for education. For example, around 60% of college seniors acquired a loan during the 2015-16 school year. That's up approximately 50% compared to the 1999-2000 school year.

The average student loan debt amount also varies with academic achievement. In 2016, for instance, students with less than a bachelor's degree held an average student loan debt of $10,000, bachelor's degree holders held student loan debt of an average of $25,000 and postgraduate degree holders typically held around $45,000 in student loan debt.

Maybe the Government Will Intervene

In March 2019, United States student debt reached $1.59 trillion in loans held by 45 million Americans. Altogether, one in six American citizens held a federal student loan that year. Resultantly, decision-makers and influencers such as politicians, journalists and business leaders are continually debating over ways to limit student debt and offer relief for graduates.

Each year, student debt grows larger as tuitions continue to rise, and studies show that repaying student that has proved especially problematic for minority graduates. The average monthly student loan amounts to approximately $222, while the average loan repayment amounts to roughly $393. Of those loans, nearly 12% are in default or overdue by approximately 90 days.

There are various government, philanthropic and nonprofit programs available to help students repay debt. For instance, there are ways that students can mitigate debt in exchange for agreeing to work for specific organizations for a specified amount of time.

Meanwhile, some government officials are proposing new ways to offer relief to those with student debt. Senator Elizabeth Warren, for instance, proposes forgiving up to $50,000 in student debt for people with household incomes of less than $100,000. Meanwhile, Bernie Sanders proposes canceling all debts for student loans by taxing Wall Street profits.

Others have suggested increasing student loan interest, providing federal loan refinancing, instating a 10% income repayment cap and allowing student loan debt holders to discharge the instruments in bankruptcy.

Employers to the Rescue?

In 2019, approximately 8% of employers provided student loan repayment assistance. This type of employer provided aid is up 4% from 2018.

Analysts forecast that a growing number of employers will offer student loan repayment as the competition for skilled talent grows more intense. They also note that student loan payments are crushing and there's substantial demand for loan repayment assistance. As a result, the prospect of working for an employer who helps to pay off student loan debt grows increasingly attractive as each generation accumulates more student loan debt than its predecessors.

Employers use several methods to provide student loan repayment. Some match employee payments, while others make a flat contribution up to a specified amount. Estée Lauder, for instance, pays $100 a month towards employees' student loans up to $10,000, and recently, Hulu launched a similar program that helps to repay student loans.

At Fidelity Bank, representatives express that student loan repayment is one of the top benefits offered by their company. Among employees who've enrolled in Fidelity's student loan repayment program, there's a 70% lower turnover rate in the first year compared to workers who don't participate in the repayment program.

For those who are about to graduate, learning how to budget may help you to manage student loan debt. Meanwhile, more employers are likely to offer repayment assistance as the demand for such programs increases. Nevertheless, the prospect of debt is worth it for many students who have a passion for learning.