Student debt was, and in some places still is, thought of as an individual issue. Quickly though we are finding out that student debt is no longer so much an individual problem as it is a national problem.
This national issue has come to be known as the student debt crisis. This includes not only the hefty loans with which students are graduating college, but it includes the effect this debt has on life decisions, such as having a family and saving for retirement.
History of student loans
While it seems as though the student debt crisis is a new issue, the history of student loans points directly towards the issue our nation is finding itself in right now. The first student loans were taken out in 1840 at Harvard University. However it wasn’t allll the way until 1986 that issues with student loans were beginning to arise.
As society began putting economic premiums on college degrees, families began taking out larger loans in order to send their children to college. The average loan amount per student skyrocketed from $9,000 to $15,000 in…