School is expensive but because a degree is imperative to remain competitive in this economic environment, many students take out loans to pay their way through. In fact, it is determined that out of the 20 million Americans that attend college every year more than half of them, 60% to be exact, take out loans to pay for their education. According to the infographic released by Frozen Pea Fund, that means there are approximately 37 million people in the US that have outstanding loans student debt.
The press release detailed that the majority of the people who have outstanding student debt are under the age of 30. Indeed, no other age bracket comes close to that level of debt (approximately $14 million). The age group with the least debt is the over 60 group. While many people try to repay their loans using their own income, most people have worked out repayment plans to begin after they have graduated college and are working.
Since the start of 2013, over $52 billion dollars in loan debt is considered delinquent. This is due, in large part, to the current working conditions in the United States. Now, instead of it being hard to find a job in the field you spent so much money to study, it can be difficult to secure any job at all.
Recent graduates find that they are struggling to get a job after graduation, and are being forced to take lower wage work that is unrelated to theirs or any degree, in some cases. If a recent graduate is able to secure employment in their field, on average, they still get a 3% drop in their weekly paycheck – 4% if they are under the age of 25. The state of job availability in the US is at a dangerous low.
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