The most educated and indebted generation ever – Average student debt has tripled since 1990 while earnings have gone stagnant for college graduates.
Most have very fond memories of their college going years. Going off to college is one of the few rites of passage that we have in the United States ushering future generations into official adulthood. Yet the cost to attend this passage has gottenastronomically expensive. College has now turned into a very large business funded by deep levels of student debt. In the past, the state took on a larger role with public universities but with state budgets in shambles these are now becoming much more expensive options. We speak of the student debt problem as a nationwide issue but this crisis is really a burden largely shouldered by our young. Poor Americans aspiring to go to college have to walk cautiously on this passage and avoid paper mill for-profits and going into massive student debt. This rite of passage is now turning into a debt filled nightmare.
Student debt by age
While we speak of student debt as some sort of “we” problem, it largely falls on the shoulders of the young: