The student debt crisis in the United States has now outpaced the Australian GDP. Standing at around 1.5 trillion dollars, the student debt trap is crippling students for decades.
As recessions loom and inflation rises (it tripled between 2007 and 2018) the debt crisis will only worsen. Although it’s a hot topic that’ll open some debate in the 2020 elections, the student debt crisis needs addressing now.
Here’s what some real former students have to say about the situation.
I graduated from law school 6 years ago with $250,000 of student loan debt. But after years of hard work and tens of thousands of dollars of payments, I can officially say that I now owe $315,000.
— Matt Lane (@MattLaneWrites) September 18, 2018
I graduated undergrad with $38,200 in loans.
To date I’ve paid $20,763.
My balance is: $37,615.
Dear Media: Tell me again how I can’t afford a house because of an avocado toast trend instead of saying how #StudentLoans are a fucking trap that keeps ppl in debt.
— Idalin Bobé – 👩🏽💻✊🏽🇵🇷🇨🇺 (@IdalinBobe) April 22, 2018
When I was 17 I went to get a Limp Bizkit tattoo and when they wouldn’t let me because I didn’t have a guardian’s approval, I cried and punched a lamp post. 3 months later I was allowed to take on $119,000 in loans to go to art school.
— Bill Dixon (@BillDixonish) July 8, 2018
“Young adults are being forced to rely on help from parents to survive due to overwhelming student loan debt and cripplingly low wages” there, fixed your headline https://t.co/ZWHeC3KbrE
— Thotcrates (@LystenToMe) April 25, 2019
I graduated with a masters of Architecture in 2011 with $65k in student debt. I have paid $48k, but still have $50k of debt left.
This country needs Architects, doctors, lawyers and engineers, but we are punished for success. Our education system is broke. #StudentDebtCrisis
— Architects for Pete (@architects4pete) April 25, 2019
Want to know just how big our #studentdebtcrisis is?
US college grads have $1.56 TRILLION in student debt. The GDP of Australia is $1.4 trillion.
It’s F’ing massive. Our young people deserve better from us — they deserve free college.
— Abdul El-Sayed (@AbdulElSayed) May 11, 2019
“Telling me I need #college in order to get a well-paying job, only to find out 10 years after graduating that I’ll need three well-paying jobs just to pay back the #studentloan? That seems pretty predatory.” @OGpenn @KQED https://t.co/9hKPL4e3Zq
— StudentDebtCrisis (@DebtCrisisOrg) June 10, 2019
Nearly 20 years after beginning college, I paid off my #studentloans today.
— Dr. Paige Harden (@kph3k) January 14, 2019
I was $286,000 in debt when I graduated from fucking art school in NYC 8 years ago. Last week I made the final payment. #studentloans
— ✩The Star✩ (@TheStarDamien) September 29, 2017
At the age 18 they will let you commit to $200,000 in student loans but won’t give you a $20,000 Business loan…. Think about that!
— Nathan Allen Pirtle (@workwthecoach) June 6, 2019
Since 1987 when adjusting for inflation, the % increase in:
➡️ Tuition costs at public universities : 183%
➡️ Tuition costs at private universities: 142%
➡️ Minimum wage: 20%
➡️ Early career salaries: 3%
This is student debt crisis in a nutshell.
— Ro Khanna (@RoKhanna) June 2, 2019
It seems that Boomers who boast about “starting with nothing” don’t understand that starting adulthood with nearly $40k in student loan debt isn’t the same as starting with nothing. #latestagecapitalism
— Disenfranchised Millennial 🌹 (@pnwLeftist) June 10, 2019