9 Shocking Facts About the Student Loan Debt Crisis That Can Make Going to College Awful

Source: Flickr
Source: Flickr

The student loan debt crisis has continued to form into a nationwide bubble. For now, recent graduates are living in limbo and facing exorbitant interest rates, which some presidential candidates wish to fix. Graduating high schoolers, meanwhile, are looking at joining a broken system, or being forced to avoid enrolling in school altogether.

President Barack Obama's tuition-free community college plan will surely soften the burden for some new students hoping to avoid college debt, but student loan debt is still a major cause for concern for anyone who's already graduated from school or looking to attend a four-year university. 

Source: Flickr

Here are nine facts that reveal just how shocking the student loan debt crisis has become over the years.

1. Public college tuition in the United States was 3.22 times more expensive compared to 1985 adjusted for inflation.

2. Meanwhile, the cost of college textbooks has seen a 1,041% increase since 1977 — three times the rate of inflation. 

3. The average American student graduates with enough money in student loan debt to buy a Tesla 3.

Yeah, $35,000 is a whole lot of money.

Source: Flickr

4. Roughly two-thirds of college students face student loan debts after graduating today.

One expert said more than 25% of those students almost definitely won't be able to afford the burden, according to a guest column in Time.

5. Student loan debt in America has surpassed credit card debt.

6. Over 40 million Americans faced student loan debt in 2014.

"The population with student loans is actually greater than the entire population of Canada, Poland, North Korea, Australia and more than 200 other countries," the Huffington Post noted at the time.

Source: Flickr

7. According to the Bay Citizen, the rate at which graduates defaulted on their loans nearly doubled from 2005 to 2010, from 4.6% to 8.8%.

8. For the 7 million Americans who defaulted on their student loans in 2014, they may have become ineligible for certain government jobs, according to the Huffington Post

9. The student loan debt crisis has prevented millennials from spending on many other life milestones.

Cars and houses have become far-off dreams for millennials, a delay in consumerism that could ultimately have huge impacts on the American economy.

How likely are you to make Mic your go-to news source?

Chris Riotta

Chris Riotta is a culture reporter at Mic, covering news, music and entertainment. He is based in New York and can be reached at criotta@mic.com

MORE FROM

Owed money from a class action settlement? How to find out — and get your cash.

Owed a payout from a company because of a class-lawsuit? Here is how to get the cash you deserve.

How much you should actually spend on wedding gifts

This is what is normal — and polite — to pay for a wedding present.

7 secrets of entrepreneurs who turned side gigs into baller full-time jobs

Want to take your side hustle full time? Here's what to do before taking the plunge and starting your own company.

Why the new Senate health care bill could make your insurance more expensive

As many as 22 million people could lose their insurance coverage if the Senate's Better Care Reconciliation Act of 2017 makes it into law, and out-of-pocket costs could also rise.

These 10 chill gigs offer high pay and low stress

Workers in certain low-stress professions actually earn higher-than-average wages.

Can computer games improve diversity in hiring?

Will playing games get you your dream job? Unilever thinks so, with a new class of hires recruited using a series of online games.

Owed money from a class action settlement? How to find out — and get your cash.

Owed a payout from a company because of a class-lawsuit? Here is how to get the cash you deserve.

How much you should actually spend on wedding gifts

This is what is normal — and polite — to pay for a wedding present.

7 secrets of entrepreneurs who turned side gigs into baller full-time jobs

Want to take your side hustle full time? Here's what to do before taking the plunge and starting your own company.

Why the new Senate health care bill could make your insurance more expensive

As many as 22 million people could lose their insurance coverage if the Senate's Better Care Reconciliation Act of 2017 makes it into law, and out-of-pocket costs could also rise.

These 10 chill gigs offer high pay and low stress

Workers in certain low-stress professions actually earn higher-than-average wages.

Can computer games improve diversity in hiring?

Will playing games get you your dream job? Unilever thinks so, with a new class of hires recruited using a series of online games.