Why Is Student Debt Still Crushing Graduates?
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YEET Magazine
Why Is Student Debt Still Crushing Graduates?
Student debt is still crushing graduates because the cost of college has risen far faster than wages, and the repayment system is complicated enough that many borrowers struggle to navigate it.
Tuition has increased dramatically over the past several decades, while the wages graduates earn after college have not kept pace. Many borrowers leave school with debt that would take decades to repay on a standard plan.
Interest rates are another factor. Borrowers who cannot make payments see their balances grow, which makes the debt harder to escape.
Repayment plans exist, but they are difficult to understand and often require borrowers to navigate bureaucratic processes that are not designed to be easy. For the personal side, see graduating with $80,000 in student debt. For related discussions, see why millennials can't afford houses and why credit card rates keep climbing.
What do you think? Should student debt be forgiven? Share your thoughts.
Source: YEET Magazine