More than the combined market value of both Facebook and Microsoft combined, the total student loan debt in America has reached $1.4 trillion. Past economic crashes like the Great Depression and the Great Recession started under eerily similar circumstances, begging the question – could the student loan crisis be the next big crash?
In the years between 2006 and 2016, the overall cost of college rose 63%, including inflated textbook prices and soaring student housing costs. This leads to millions of students unable to pay for the education on their own, forcing them to take on the burden of student loan debt. Crippling debt so early in adulthood stunts growth and further delays adulthood “milestones” like purchasing a home and even starting a family. Home ownership in recent years has deeply declined among people aged 25-34, with 83% of them blaming their student loan debt.
From college, career, retirement, and every step in between the road to success comes with a hefty price tag. Take a look at this infographic for more on the future of the student loan crisis, what it means for graduating classes to come, and how we can overcome this financial crisis as painlessly as possible.