Student Debt Growing At Alarming Rates

by David Grasso

Even as college tuition increases slow down, we still see student debt growing, reaching new highs consistently every year. As we cross the $1.4 trillion mark, we stop to ponder how long this debt bonanza can last.

As college graduates enter the real world more indebted than ever before, there are suspicions that this overindulgence in student debt cannot continue forever.

The sobering reality is that eventually, someone, somewhere is going to have to pay back this eye-popping amount of debt. Whether it’s consumers or the government who ponies up the cash to address these obligations, the debt is very real and poses a danger to our entire system of higher education and our economic way of life.

That escalated quickly

Just how fast student debt has risen is shocking. Total student debt is almost three times as large as it was in 2006. Student loan debt eclipsed credit card debt in 2010 and auto debt in 2011. It is now the largest form of consumer debt besides mortgages.

We blew past the trillion-dollar mark in outstanding student loans in 2012 and have already added nearly $400 billion, to that number since.

These numbers are so large that it’s often hard to grasp their enormity. Consider that $400 billion is approximately the yearly GDP of Thailand, and that we’ve accrued that much student debt in only five years.

A little less than half of the total student debt has been used to finance graduate and professional degrees. Although many of…

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About Editor 552 Articles
With a background in politics and the law, comedian and best selling author Tim Young brings an edgy conservative take on the day’s news and everyday life to venues and readers across the country. His singular view of contemporary America has been featured by stalwarts of the conservative movement like CPAC and Fox News, yet finds itself equally at home challenging thought leaders from the left at the National Press Club and The Huffington Post. Tim has performed in theaters, comedy clubs, and at colleges nationwide with everyone from political insiders and media talking heads to the man-on-the-street subject to the quick wit and snarky attitude that feeds his appearances on dozens of talk radio shows including Fox News Red Eye, HuffPo Live, CNN, and Russia Today. Tim also runs his mouth everyday to a growing fan base of tens of thousands on Twitter who don’t seem to care that he’s from Baltimore.