In the years following the national economic recession, credit card debt has run rampant. While the country is taking great strides to recover from the collapse, debt still remains a major setback for young Americans. So much so that in 2010, the total credit card debt held by this population was surpassed by something few ever expected: student loan debt.
This paradigm is further inflamed by the fact that tuition costs continue to rise even as government aid diminishes. In early July, Congress failed to impede an interest rate hike for Federal Stafford Loans that would double the interest rates from 3.4 to 6.8 percent on undergraduate loans. What’s the future look like for the next generation of grads?
In collaboration with the debt experts at Consolidated Credit.org, we’ve created a timeline depicting tuition and student loan debt, as early as the golden years of the GI Bill. Take a look at the numbers but be forewarned that the facts may be hard to swallow.