Total student debt outstanding approaches $1.1 trillion. 65 percent of all outstanding student debt held by those 39 and younger.
It is interesting to hear older politicians take the podium and wax and wane poetically how young Americans are not working hard enough or need to take responsibility for their actions in the current economy. The reality of the situation is the recent recession has punished the young disproportionately. The young have seen their net worth crushed and job opportunities shrink in the current recession. Most of the student debt outstanding is in the hands of younger Americans simultaneously going up with rising college tuition. The price of going to college can no longer be support by merely working a minimum wage job. I’ve heard some out of touch politicians argue that instead of going into debt, current students should work instead of going into debt. Even with a minimum wage job someone would have to work 40 hours or more just to cover a regular state school tuition in most states in the country. The student debt problem is largely a young American issue.
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