10 mind-blowing facts that show just how dire the student loan crisis in America is
Boston Globe/Getty Images
Boston Globe/Getty Images
- Student-loan debt in the US is at an all-time high.
- The consequences of student-loan debt have created a domino effect - millennials are delaying life milestones because they can't afford them.
- Democratic presidential candidates have proposed policy solutions to offset the cost of college.
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America is suffering from a student-loan debt crisis.
It's part of the Great American Affordability Crisis - coupled with a fallout from the recession and a high cost of living, student-loan debt has made it difficult for millennials to save and has forced them to delay major milestones like getting married, buying a house, and having kids.
Democratic presidential candidates have been proposing policy solutions to offset the cost of college. Sen. Elizabeth Warren introduced a $1.25 trillion plan to forgive most existing student-loan debt and provide universal free college. John Delaney, Seth Moulton, and Sen. Kirsten Gillibrand have proposed student debt forgiveness or subsidized college for students who go into national service.
Here are 10 facts that show just how dire student-loan debt in America really is.
1. The national total student debt is now over $1.5 trillion.
2. College tuition has more than doubled since the 1980s.
3. Three million senior citizens in the US are still paying off their student loans.
4. As of May 2018, 101 people in the US owe at least $1 million each in student loans, according to The Wall Street Journal, citing the Education Department.
5. Black families carry more debt than white families and are more likely to default on their loans.
6. As many as 40% of borrowers could default on their student loans by 2023.
7. Of consumers filing for Chapter 7 bankruptcy, 32% carry student loan debt.
8. Student-loan debt is the reason 13% of Americans said they decided not to have kids.
9. Some have drawn parallels between the student debt crisis and the subprime mortgage disaster.
10. Nearly 50% of millennials who have or have had student-loan debt think college wasn't worthwhile.
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