Business Review Board / June 8, 2018

Student Loan Debt Soars

The debt college graduates carry is now higher than Americans’ credit card debt.

In more bad news for college graduates, U.S. student loan debt has hit the mind-boggling figure of $1.5 trillion — more than car loans ($1.1 trillion) or credit card debt ($977 billion). But another interesting and concerning aspect of this number is the fact that nearly two-thirds of the student loan debt is held by women. The reason for this discrepancy is two-fold. First, more women are going to college than men. In 2016, 56% of students enrolled were women. Second, on average women borrow more money. CNN Money notes, “The average woman owes $2,740 more than a man upon finishing a bachelor’s degree. … Women are also repaying their debt more slowly, which can mean they’re paying more in interest over time.” Stand by for that to be the new 77-cents-on-the-dollar mantra.

Another concerning statistic is the fact that 20% of individuals are currently behind in their loan repayments. And while 42% of people who took out loans to pay for college, 30% of them have also taken on other forms of debt, “like credit card debt or a home equity line of credit.” It could be that all this debt is part of the reason so many people are dropping out of college.

With the government pandering to students by offering easy access to loans, many people may not realize they are becoming financially enslaved to the state. What will happen when the coming national debt crisis forces the state to come after its debtors?

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