From the Great Depression to the collapsed housing market, the United States has seen its share of economic crises. Today, we are faced with a national student loan debt of $1.4 trillion. For millions of Americans, this means lifelong debt, stunted milestones, and a stagnated economy.
The average college graduate walks away with around $28,500 worth of debt, with an average monthly payment of $393. Coincidentally, home ownership among young people has greatly decreased and 83% of people aged 22-35 who have not yet bought a house blame their student loan debt commitments. For the lucky ones, it takes twelve years after graduation to save for a 20% down payment on a home, but that’s just the tip of the economical iceberg.
The student loan bubble is only growing – here’s what we can do to overcome another financial crisis, detailed in this infographic.
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