Congrats, guys and gals. You did it.
According to the Wall Street Journal and analyst Mark Kantrowitz, the average college graduate holding student loans will have to pay back a whopping $33,000, up from $31,000 in 2013, and, holy crap on a cracker, $10,000 in 1993.
Here’s the average debt per borrower in each year’s graduating class, presented in a handy, colorful graph. Because everything’s better with graphs, right?
Maybe not. I actually feel physically ill after reading that.
Even worse, the amount of students taking on debt has rose as well, from 46% in the early 90’s to hovering steadily around 70% today.
So what does this mean for you? Well, considering that you’re going to make jack shit coming out of college, you’re probably screwed. No, seriously, there’s numbers to back this up. Student loan debt has rose 35% between 2005 and 2012, whereas the average salary has dropped 2.2% since 2005.
Also, this massive, trillion dollar student loan debt is completely screwing up the U.S. economy because, well, we’re broke. We can’t afford houses, so we’re not taking out mortgages, and since the housing industry is one of those essential things when it comes to turning the economy around, we can’t really help you there. I can barely afford a one-bedroom apartment that I split with a roommate. Forget a house.
There’s literally nothing you can do about it, either. The government doesn’t care about your problems. The universities don’t care about your problems as long as they get their fat checks made out to cash so they can dive into pools of your money like Scrooge McDuck. But hey, at least you won’t be the most indebted class for long…surely, the class of 2015 will take THAT crown.