Student loan debt crosses the $1.2 trillion mark. $248,000 for an undergraduate degree?
The nation is fully engulfed in a student debt bubble. The problems with student debt are numerous yet this unrelenting bubble is allowed to grow like weeds in a garden. Going back to 2000 total student debt outstanding rested around $200 billion. Today it is over $1.2 trillion. Keep in mind that during this time household incomes have retreated back to what they were in the mid-1990s. So college costs more but you earn less. Sounds like a winning recipe! Compounding this debt bubble is the reality that half of college graduates are working in jobs that don’t employ their undergraduate degrees. I continuously see that college graduates have a lower unemployment rate compared to others but in many cases this means a Starbucks job was given to someone with a college degree versus one without a degree. I’m not sure that will be a big help when paying back $50,000 or $100,000 in student debt.
The delinquencies only get worse
Even though the problems are festering student debt is becoming a problematic liability class:
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