Student loan debt is an impossible crisis that is the result of the divergence of society assumptions and affordability.
The chart below clearly shows how the cost of both a public and private college education, while assumed to be the path to success, is becoming out of reach.
The chart shows the inflation adjusted increases in costs and as you can clearly see, the cost of college has been accelerating higher at a faster rate than income.
The cost of college and getting an advanced education just moves out of the affordable reach of many families and that’s why today more is owed on student loans that on all credit card debt combined.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.The Growing Impossibility of Affordable Student Loans by Steve Rhode