A significant piece ran this morning from Shahien Nasiripour and Nicky Forster, writing for the Huffington Post. Referencing the Federal Reserve Bank of New York, the journalists discovered just how serious the student debt crisis has become.
Over the past 25 years, wages for the typical college graduate working full time have risen just 1.6%
Not good…..at all.
However, there’s a bright spot for good old State U. and their loan shark partners….the debt burdens associated with these pathetic wage gains have increased 163% during the same time period!
In 1990 the typical student graduated with debt equivalent to 28.6% of his/her annual earnings. In 2015, that number had shot up to 74.3%.
70% of current college students are borrowing to pay for the trip. Up from 50% in the 1990’s. 25% of student loan borrowers are either in default or struggling to pay off their debts.
As The Donald would say…”Sad”…”Very Sad”.
And, as concerning and disgraceful as these numbers are…they don’t touch upon the bigger tragedy. Only about 60% of students actually graduate with a four year degree…..As perilous as their experiences might be, at least they have a degree. What about the 40% who went to school, borrowed for it….and now have nothing to show for the “investment”? What about them?
As this catastrophe continues to grow. It’s time for us all to quit with the whole “college is worth it…no matter what the cost” fantasy. It isn’t. Period.