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.
Since 1987 when adjusting for inflation, the % increase in:
➡️ Tuition costs at public universities : 183%
➡️ Tuition costs at private universities: 142%
➡️ Minimum wage: 20%
➡️ Early career salaries: 3%
This is student debt crisis in a nutshell.
— Ro Khanna (@RoKhanna) June 2, 2019
“Young adults are being forced to rely on help from parents to survive due to overwhelming student loan debt and cripplingly low wages” there, fixed your headline https://t.co/ZWHeC3KbrE
— Thotcrates (@LystenToMe) April 25, 2019
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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.
I graduated from law school 6 years ago with $250,000 of student loan debt. But after years of hard work and tens of thousands of dollars of payments, I can officially say that I now owe $315,000.
— Matt Lane (@MattLaneWrites) September 18, 2018
Nearly 20 years after beginning college, I paid off my #studentloans today.
— Dr. Paige Harden (@kph3k) January 14, 2019
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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.”
I graduated with a masters of Architecture in 2011 with $65k in student debt. I have paid $48k, but still have $50k of debt left.
This country needs Architects, doctors, lawyers and engineers, but we are punished for success. Our education system is broke. #StudentDebtCrisis
— Architects for Pete (@architects4pete) April 25, 2019
“Telling me I need #college in order to get a well-paying job, only to find out 10 years after graduating that I’ll need three well-paying jobs just to pay back the #studentloan? That seems pretty predatory.” @OGpenn @KQED https://t.co/9hKPL4e3Zq
— StudentDebtCrisis (@DebtCrisisOrg) June 10, 2019
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.