Despite advanced teaching and communication technology, education is getting more expensive. While a Baby Boomer may have been able to earn and pay for a college degree while working part-time, recent graduates are saddled with huge debt loads. In fact, student debt for many individuals can be sometimes insurmountable.
Republicans and Democrats have been scrambling in Washington, D.C. for years to figure out a solution, all to no avail. The congressional push and pull has yielded no real results for dealing with the student loan bubble, and while the theatrics have been ongoing, the bubble has grown. There is now roughly $1.2 trillion in outstanding student debt in the U.S. — more than all credit card debt. Only mortgage debt outranks student debt.
It’s a scary prospect for students as their college education costs continue to skyrocket, and their degrees show smaller certainties of payoff. Even as the economy improved over the Obama years, well-paying entry-level jobs have continued to remain scarce for recent graduates.
And skipping college is becoming a riskier decision. A recent article in the New York Times found that even manufacturing and factory jobs — jobs that used to be ubiquitous and easy to get with a high school diploma — now require a college degree. For today’s graduates, it’s a much different world than the one their parents and grandparents dealt with.
Dwell on it enough, and you’re likely to get depressed. Here are 10 facts about student loans that will only compound that depression.