Student Debt Has Reached $1.3 Trillion, compared to just $243 billion in 2003
Student debt in the United States has skyrocketed over the past decade and a half, reaching an astounding $1.3 trillion in 2017. This staggering figure is nearly four times higher than the $243 billion in outstanding student loans recorded in 2003.
The rapid increase in student debt is a concerning trend that is casting a financial pall over millions of Americans. With the rising costs of higher education and stagnant wages, more students are forced to take on larger loans to finance their education. This debt burden can have long-lasting impacts, delaying major life milestones such as buying a home, starting a family, or saving for retirement.
Root Causes
Several factors have contributed to the student debt crisis:
- Soaring tuition costs: College tuition and fees have increased at a rate far outpacing inflation and wage growth, making higher education less affordable for many families.
- Declining state funding: State governments have reduced…