Why Has Student Loan Debt Skyrocketed In Recent Years?

: Chris Lee Law Firm

  Filed under: Student Loans

student debt, repayment, bankruptcy, attorney, attorneys, lawyer, lawyers, dallas, texas, tx, fort worth, mckinney, hurst, law firm, tx, bankruptcy process, debt collector, chapter 13,Unless you have been out of the country for a very significant period of time or have been living in a very remote part of the country you are aware of the growing crisis that the total amount of student loan debt has caused in the U.S. The question that is seldom asked or explained is: why this debt load is so much higher than it was for other generations?

Is it quite simply those students are taking on more debt by choice or are there other factors at play? Are parents contributing less than in previous generations or have schools become that much more expensive over the years? The answer to that question may shock some: the average cost of getting a post-secondary education has exploded over the past two decades. The cost of a college degree has risen over 500% since the mid 1980’s. A degree that would have cost $10,000 in 1985 will now run the recipient over $50,000 in today’s money. In order for a family of modest means to afford the “luxury” of a post-secondary diploma or degree they must either be prepared to spend approximately 58% of their disposable income(based on median wage numbers across the U.S) or they must resort to borrowing that money.

While the U.S is certainly not the only country that forces its students to pay high costs for college and university, there are examples that the country should take into account. Germany for example requires that its higher education students pay absolutely nothing in the way of tuition, it is completely free. And they are not alone. About 40 countries around the globe do the same. If the U.S is the country that sets the bar for other countries why are we so behind on this issue? Students having difficulties with student debt should consult with a qualified student loan debt relief attorney.

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