Introduction
There is a large and growing problem with student debt in the United States. According to research by the Federal Reserve Bank of New York, total student loan debt nationwide is over $1 trillion. The average income for millennials is much lower than for other generations in the past. Dr Paul Drago is of the opinion that, this has created an economic challenge, which will likely persist into the future unless something changes.
There is a large and growing problem with student debt in the United States.
There is a large and growing problem with student debt in the United States. According to Pew Research Center, there are currently 44 million Americans with outstanding student loan debt totaling $1.5 trillion dollars–a number that has grown exponentially over the last decade. Student loans have become the second largest category of consumer debt after mortgages, outpacing auto loans and credit card balances.
According to research by the Federal Reserve Bank of New York, total student loan debt nationwide is over $1 trillion.
According to research by the Federal Reserve Bank of New York, total student loan debt nationwide is over $1 trillion.
- This is a lot of money–and it’s not just a number: It represents countless Americans who are struggling with their education costs and unable to pay back their loans. Student loan debt has become such a problem in this country that experts say it could have negative effects on our economy for years to come if left unaddressed.*
- While there are many reasons for this growth (including rising tuition costs), one thing is clear: The current system isn’t working for students or taxpayers alike.*
The average income for millennials is much lower than for other generations in the past.
Millennials are facing a unique set of challenges. The average income for millennials is much lower than for other generations in the past, and they have a harder time finding jobs. This can make it difficult to pay back student loans and save money for retirement.
Millennials are also starting their careers later in life than previous generations did; this means that they will likely spend more time paying off debt before saving for retirement or buying houses, which means less money left over after paying bills each month.
Higher education should be affordable for everyone
You may be surprised to learn that the United States has the most expensive higher education system in the world. In fact, it costs more than twice as much to attend a public university here than it does in other developed nations such as Germany and France.
That’s why it’s important for us all–students, parents and taxpayers–to get involved in finding solutions to this crisis.
Conclusion
It’s clear that the cost of higher education is rising, and this is causing many people to struggle with student debt. There are many solutions to this problem, but one of them is making sure that students have access to scholarships so they can afford college without having to take out loans or go into debt for decades after graduation.
