Dystopian Scenario 2014

  • More than 40 million Americans hold student debt (Huffington Post)
  • Although giant corporations can file for bankruptcy, student borrowers cannot (Huffington Post)
  • Out of the 40 million borrowers, about 7 million have defaulted on these student debts, meaning that 2% of the U.S. population have had their credit trashed as a result of their student loans
  • About 60% of employers run credit checks on applicants before hiring or promoting, making it close to impossible for millions to get a higher paying job to actually repay these debts (Huffington Post)
  • Since 1999, student debt has increased more than 500% while average salaries for young people has decreased by 10% (Huffington Post)
  • A recent study conducted by the Federal Reserve Bank of New York found that the unemployment rate for people aged 22 to 27 is 6% for those who have earned a bachelor’s degree and 13% for those without a college degree (Washington Post)
  • In 2012, 69% of students had taken out student loans to finance their education (Pew Research Center)
  • The increase in the rate of borrowing over the pat two decades has been much greater among graduates from more affluent families (Pew Research Center)
  • In 2012, 62% of graduates from upper-middle-income households leave college with debt, compared with 34% roughly 20 years ago (Pew Research Center)
  • Millennial college graduates ages 25 to 32 who are working full time earn more annually (about $17,500 more) than employed young adults holding only a high school diploma (Pew Research Center)
  • The Class of 2014 was the most indebted ever -> The average graduate with student-loan debt has to pay back $33,000 (Edvisors)
  • Student loan debt is 1.2 trillion (NBC news)
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