It’s universally understood that college is an expensive place, and there’s no easy way of escaping graduation without incurring some amount of debt. The real question is, “just how much?” When you talk to people about their student loans, it’s not uncommon to hear them bragging about only owing $10,000 – which isn’t too bad for a quality education – but there are people who graduate with so much more than that. The sheer explosion of student loan debt has many people worrying that we are watching another financial bubble in the making.
This year, the total federal and private student loan debt has surpassed the $1 trillion mark for the first time in U.S. educational history. Student loan debt has grown 511% since 1999, and the future is beginning to look dismal and bleak. If education continues to cost so much, how are people going to afford a reasonable life once they graduate? The entire system is in a state of disarray, and something needs to be done to make sure this astronomical growth doesn’t become the next financial meltdown.
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