Overview: The Current Situation of Student Loan Debt
Is a college diploma even worth it in 2019?
In recent years, college has been the logical next step for many high school graduates who are eager to gain more knowledge, develop their skills, and ultimately accelerate their careers. But are all these high school graduates ready to face the debt which is likely to come their way with the continuous rise of college costs?
Most of the modern careers and professions which are moving the world forward require a formal college education. As a result, the number of students attending college has increased, which in turn has increased the amount of debt that students have taken on.
As of right now, there are more than 44 million borrowers of student loans who in total owe approximately $1.5 trillion. Statistics show that 66 percent of borrowers from public colleges have student loan debt, with their average debt being 25 percent higher than it was compared to ten years ago, at $25,550. The average student loan debt for private colleges, on the other hand, is $32,300, which is 15 percent higher than it was ten years ago.
Instead of dryly explaining everything, we’re going to let the numbers speak for themselves. Below, we’ve provided a comprehensive infographic to help you gauge the current student debt situation and what it may look like in the future.