Billionaire Mario Gabelli (Trades, Portfolio) started a discussion yesterday on how to resolve the astronomical debt owed by many college graduates, offering some of his own ideas.
The leader of hedge fund GAMCO Investors (NYSE:GBL) asked his 13,700 followers for their suggestions as loan balances in the U.S. exceeded $1.26 trillion, more than four times the amount owed 12 years ago. According to the New York Fed, approximately 42 million people in the U.S. have student debt, and the delinquency rate on payments is 11.6%. The class of 2015 had it worst; the average student graduated with $35,051 in student debt, the highest amount ever, according to an analysis by Edvisors.com.
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