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"15 Shocking Facts About The Student Loan Debt
Bubble And The Great College Education Scam"
by Epic Economist
"They have told us that the future of our country walked hand in hand with education - but when the cost of attaining such education causes irreparable financial damages for millions of college graduates, what future do we really have? College tuition has become increasingly burdensome in recent years. In fact, since the 1970s, the cost of tuition for private institutions skyrocketed by 567%, while for public universities, that increase was shockingly higher, exploding by 2,580%, as reported by the National Center For Education Statistics. Almost 30% of the U.S. population currently carries student loan debt. A significant share of these borrowers has been paying their debt for decades. Now, they're reaching their 60s, and they're being forced to use their Social Security benefits to cover their student loans.
Five decades ago, the average tuition for private schools hovered around $4,000. Now, some institutions are charging their students $20,000, $30,000, or even $40,000 a year for tuition and fees, and this sum doesn't even count living expenses. To make things worse, college graduates are facing one of the toughest job markets ever. There's a scarcity of good-paying jobs all around the nation, and despite their degree, a large share of young adults are underemployed, or working in low-wage jobs and earning $25,000 or less, which doesn't even allow them to alleviate their debt burden. At least 33.5% of college graduates are underemployed right now, and about 9% are unemployed, Federal Reserve data show.
According to one estimate, today, a private school student working on a minimum-wage job would have to work 100 hours a week, 52 weeks a year, just to pay for tuition. All of this makes us wonder: when did getting a college degree stopped being about people's education and started being an industry of debt? The system continues to push the notion that a college education is the key to a good future and that there is plenty of financial aid out there for everyone that wants to go to college. But they fail to mention that you'll probably spend the rest of your life trying to get rid of that debt, and that it will leave you financially drained for decades. Not even bankruptcy can get you out of student loan debt. It will stay with you forever until you finally pay it off.
Now, the U.S. economy is facing the biggest student loan debt bubble in the history of the world, and when our new college graduates finally enter the labor market, they rapidly realize that the good jobs they were promised are very few and far between. As millions of Americans wake up to the fact that the tens of thousands of dollars that they have poured into their college educations was not a guarantee of better working opportunities or financial stability, will the great college education scam finally be exposed? How can this nation grow if we limit the growth of our students the moment they enter college? Opting for an education shouldn't result in such acute financial distress. How can our students feel motivated about getting a degree if that means they will struggle financially for decades after graduation? Sadly, if education is indeed the future of our nation and there’s simply no safety net for our students, then we’re doomed to fail.
In today's video, we compiled stats that reveal that education in America has become a lucrative industry of debt. Here are 15 Shocking Facts About The Student Loan Debt Bubble And The Great College Education Scam."
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