The Wall Street Journal posted an excellent article with the charts below, labeling 2014 graduates as the most indebted class ever. As you can see in the numbers, student loan progression over the past twenty years is staggering. The amount borrowed for college loans continues to widen the gap between income and overall debt load.
Quick Facts about Student Loan borrowing
- More than 70%, which represents more than a million students graduating from four-year colleges have student loan debt.
- Seven of ten college seniors in the class of 2013 had nearly $30,000 in student loan debt.
- Graduates from for-profit colleges have the highest number of student loans.
Income, debt and Young People: Regardless of whether it’s the rising cost of education making young people poor, or the result of a “generation of entitlement,”young people clearly have a growing and unmanageable problem.
Student Loan Debt and Bankruptcy: In years past there have been attempts to file legislation in congress to allow student loan debt to be dischargeable in bankruptcy. That conversation has opened once again. We remain optimistic that changes are on the horizon. In the meanwhile, there are options. How can bankruptcy help? Find out what your options are by contacting Debt Advisors Law offices, for a no obligation consultation