In the decade between 2006 and 2016, the overall cost of college rose 63%, increasing student loan debt by four times and and pushing the collective American student loan debt over the trillion threshold. For many students, the price of college is more than just financial; it even possibly comes at the price of adulthood.
Hearkening back to the Great Depression and Great Recession, the student loan crisis isn’t looking good these days. At $1.4 trillion, the American student loan debt is worth more than the combined value of Facebook and Microsoft, each valued at $541.5 billion and $750.6 billion respectively. For recent college grads saddled with tens of thousands of dollars in student loans, getting a start into adulthood is harder than ever, preventing them from buying homes, making a family, and eventually retiring. Overcoming this crisis will take more than the elbow grease of hard working millennials — it’ll take some serious reform.
From free college, to refinancing of loans, to federal forgiveness, there’s a lot on the table to help prevent a future economic crash. This infographic details the current state of the student loan crisis, what could happen if it’s left unchecked, and how we can stop it before another economic collapse.
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