Fifty-percent or more of college graduates in 42 states have debt of AT LEAST $25,250.
Tuition and fees at public four-year colleges and universities increased at an average rate of 5.6% per year beyond the rate of general inflation over the last decade.
Combined student debt is closing in on $1 trillion, surpassing credit card and auto debt, and is only going to get worse.
“Student debt poses a large and growing threat to the stability of our economy … Just as the housing crisis has trapped millions of borrowers in mortgages that are underwater, student debt could very well prevent millions of Americans from fully participating in the economy or ever achieving financial security.” - Illinois Attorney General Lisa Madigan testifing March 20 before a U.S. Senate judiciary subcommittee hearing in Washington DC.
53.6%, about 1.5 million, of bachelor’s degree-holders under the age of 25 were jobless or underemployed as of last year, the highest share in at least 11 years.
According to government projections released last month, only three of the 30 occupations with the largest projected number of job openings by 2020 will require a bachelor’s degree or higher to fill the position:
You’ll probably have to move south.
You might be paying off your student loan debt well into your 80s.
The Washington Post reports:
Americans 60 and older still owe about $36 billion in student loans. More than 10 percent of those loans are delinquent. As a result, consumer advocates say, it is not uncommon for Social Security checks to be garnished or for debt collectors to harass borrowers in their 80s over student loans that are decades old.