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What Really is $1 Trillion in Student Loan Debt?

$1 trillion dollars is the equivalent of about $4,000 for every man woman and child in America.

If $1 were equal to 1 second, then $1 trillion would be 31,546 years.

Currently 58% of Americans with a college degree over 25 have some student loan debt.  This is about 37 million Americans.

Two thirds of the class of 2010 borrowed an average of about $25,000 dollars.  Only about 50% of them have a job at all, and about 75% of them returned to live home after college.

That same year, 2010, Americans borrowed more than 100 billion dollars for education.

Whereas 1 in 4 white students owes less than 13K, 1 in 3 black students owes more than 38K.

In 1972 Pell Grants covered 100% of tuition costs.  In 2011 they covered 34%.

41% of the class of 2005 is currently delinquent or in default. 

67 billion dollars in student loans are currently in default.  At any given point only 40% are in repayment.  Only 37% of student loans are paid without delay.

 

My Discussion of the $1 Trillion Student Debt Crisis on Democracy Now! on 1T Day