If you don’t believe this is a problem, here are some stats backed by a substantiation of research to back it up. This data will continually be updated.
Our problem is clear. And it is not going away.
There are multiple sources – feel free to conclude which you think is the best.
Total Student Loan Debt: $1 Trillion –> as of July 9, 2013
As of TODAY Total Student Loan Debt has EXCEEDED $1 Trillion!!!
The Atlantic Wire reported that The New America Foundation found that the federal government spent a whole $69 billion in 2013 on its hodgepodge of financial aid programs, such as Pell Grants for low-income students, tax breaks, work study funding. And that doesn’t even include loans.
Students are borrowing more and larger amounts. The Dept. of Education studied student debt patterns based on three groups of students over the past 15 years. Over the course of those 15 years, the average amount borrowed grew from $15,000 (1992-1993) to $22,400 (1990-2000), and then to $24,700 (2007-2008).
In a more recent and related report, the Institute for College Access and Success’ (TICAS) Project on Student Debt found that seven in 10 of 2012 college graduates had student loan debt. Additionally, the Class of 2012 had an average debt of $29,400.
Each year from 2008 to 2012, this report found that the average debt of federal and private loans combined increased 6 percent each year. These figures were drawn from data voluntarily provided by 1,075 public four-year and four-year private nonprofit institutions.