According to Forbes, the student debt crisis is about to get worse.

Standing at the highest ever debt per student ratio in 2019, the statistics show how serious this crisis has become.

Consider this for a moment: The Australian GDP currently stands at approximately 1.5 trillion USD. United States student debt loans in 2019 . . . you guessed it. 1.5 trillion USD.

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Yes, folks. The student debt crisis is that of a medium-sized, wealthy(ish) nation.

According to Forbes, there are over 44 million borrowers who collectively owe this amount, ranking student loans as the “second highest consumer debt category.” The only debt in front of this is the mortgage debt.

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And if you’re one of the US students holding out for Student Loan Forgiveness approval, the likelihood of it occurring is slim. Figures from 2018 show that of the 49,669 applications submitted for loan forgiveness, only 423 applications were approved.

Not surprisingly, California, Florida, New York, and Texas are among the highest states with loan debt outstanding. These states combined represent more than “20% of all US student loan borrowers who collectively owe more than $340 billion of student loan debt.”

 

Another surprising fact is that the student debt loan balances by age group come from the 60 to 69-year-olds. This group holds $35.6 billion worth of debt, while the 30 to 39-year-olds account for $461 billion in student loans. According to Forbes, this amount has increased by 30.2 percent since 2013.

The student debt crisis in the United States is crippling students for decades, and isn’t alone. Australia is another nation hurtling in a similar trajectory.

As recessions loom and inflation rises (it tripled between 2007 and 2018) the debt crisis will only worsen. Although it’s a hot topic that’ll open some debate in the 2020 elections, the student debt crisis needs addressing now.