Student loan debt is a massive problem, especially in the United States, but despite the many of Americans facing unfair and unrealistic student loans, the government and even many citizens are entirely against any type of “bailout” for recipients of student loans. However, the government has no problem bailing out wall street or other large industries when they throw a temper tantrum about their profits.
According to Forbes, student loan debt is higher in 2019 than it has ever been, with students from around the country owing over 1.5 trillion dollars in student loans. This is largely due to the fact that in inflationary rates have tripled in the past ten years.
A College Board survey has reported that the inflationary rates have tripled between 2007 to 2018.
Students of the class of 2017, who took out student loans, owe an average of $28,650, according to the Institute for College Access and Success.
Another contributing factor to this problem is the fact that most Millenials in the United States were told all throughout their high school careers that their lives would not amount to anything if they did not get into a prestigious college. This wasn’t even true 50 years ago, and it especially is not true now with all of the changes that have come to the job market in the past generation.
In these times, it really only pays to go to college if you are in a few very specific fields which require a degree or certification. The job market is only going to change more as artificial intelligence and automation take more of the factory and cubicle jobs that people have become so dependant on. As more cubicle jobs are taken by artificial intelligence, college degrees will become even more specialized and less relevant in the mainstream job market.
Below are some online posts talking about this trending topic:
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
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
Nearly 20 years after beginning college, I paid off my #studentloans today.
— Dr. Paige Harden (@kph3k) January 14, 2019
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
Since graduating, I've paid off more than $110K in #StudentLoans & interest. It has slowed down my ability to chase dreams, accrue wealth, plan for retirement, and provide for my son.
It's still not a slap in the face to cancel student loan debt. It's the right thing to do.
— Steve Bramucci (@stevebram) April 22, 2019
I have officially paid off my #studentloans! So that only took 22 years. Now what? I feel like this means I should go back to school.
— SFWP (@SFWP) July 2, 2018
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
Jordan dropped out of Morehouse College due to student loans.
Two years later, he watched a billionaire pay off his graduating class's debt.
We have a $1.5 trillion student debt crisis and we cannot wait for the generosity of billionaires to solve it. pic.twitter.com/skWKvn4Z57
— Bernie Sanders (@BernieSanders) June 11, 2019
Wall Street: HELP HELP WE'RE GOING TO DIE WE NEED MONEY
Government: Ok, here's 700 billion
Students with loans: HELP HELP WE'RE GOING TO DIE WE NEED MONEY
Government: *laughs in capitalism*
— Patron Saint of Cosmic Horror (@zechareyah) June 13, 2019
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
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
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
— kps (@architects4pete) April 25, 2019