Student loans allow millions of students to attend college every year. While this allows many to further their education, it is putting countless students into debt that they will have for years and years to come.
With the current loan debt rising higher than both credit card debt and car loan debt in the United States (here’s a real-time comparison of the three), it’s no simple matter. Students are worried about their futures and how they will be able to pay the loans off, and rightfully so. Looking back to 2018, the average college graduate was in debt at an average of $29,200, and in 2019, the average jumped to $31,172; a pretty significant jump.
The student loan crisis has been rising quickly over the past ten years. According to Experian, the student loan amount has skyrocketed just under a massive $1 trillion in a little under ten years.
So, what does this mean for the future? With the student debt crisis skyrocketing more and more each year, various higher-ups in our government are trying to make a difference. Presidential Candidates Elizabeth Warren and Bernie Sanders each have different plans to assist with student debt. Warren plans to wipe out $50,000 from an individual’s student debt (if their household income is less than 100,000), and Sanders wants to wipe out the federal student debt entirely.
I hope that this article provided an insight to how important the student debt crisis really is. For more information on how student loans work and their importance and viability to students, you can visit the Federal Trade Commission’s website.
HCXO, Alexandra