A student whose parents have looked out for him — and for themselves — can earn a B.A., degree at an accredited university for under $15,000, usually by age 20, but in some cases by age 18. The man who supervises the daily mailing of this report received his B.A. in the month he turned 18. That was three years ago. It cost him about $11,000. This is not a fantasy. I have been talking about this ever since 2006. Let me explain.
The blind lead the blind into the ditch.
What is the result? This.
The student loan debt bubble in America is spiraling out of control, and it is financially crippling an entire generation of young Americans. At this point, the grand total of student loan debt in the United States has reached a staggering 1.2 trillion dollars, and an all-time record high 40 million Americans are currently paying off student loan debts. Just when our young people should be planning on buying homes and starting families, they find themselves financially paralyzed by oppressive levels of debt. What makes all of this even worse is that only some of our college graduates are able to get the “good jobs” that we promised them. So with limited job prospects and suffocating levels of debt, this generation of young Americans is increasingly putting off major life commitments such as buying a home and getting married. As a society, we really need to rethink how we are “educating” our young people, because what we are doing now is clearly not working. The following are 18 sobering facts about the unprecedented student loan debt crisis in the United States…
#1 According to the Wall Street Journal, the class of 2014 is “the most indebted ever“…
As college graduates in the Class of 2014 prepare to shift their tassels and accept their diplomas, they leave school with one discouraging distinction: They’re the most indebted class ever.
The average Class of 2014 graduate with student-loan debt has to pay back some $33,000, according to an analysis of government data by Mark Kantrowitz, publisher at Edvisors, a group of web sites about planning and paying for college. Even after adjusting for inflation that’s nearly double the amount borrowers had to pay back 20 years ago.
#2 In 1994, less than half of all college graduates left school with student loan debt. Today, it is over 70 percent.
#3 Approximately 15 percent of graduate and professional school students leave school with student loan debt balances in the six figures.
#5 According to the Pew Research Center, nearly four out of every ten U.S. households that are led by someone under the age of 40 is paying off student loan debt right now.
#6 The median net worth of young households that have student loan debt is 20 percent lower than the median net worth of young households that do not have any student loan debt and that are led by someone with only a high school education.
#7 Among college educated people, the median net worth of young households that do not have student loan debt is seven times higher than the median net worth of young households that do have student loan debt.
(For eleven more disastrous results, click the link.)