Student loan debt is a massive problem, especially in the United States, but despite the many of Americans facing unfair and unrealistic student loans, the government and even many citizens are entirely against any type of “bailout” for recipients of student loans. However, the government has no problem bailing out wall street or other large industries when they throw a temper tantrum about their profits.
According to Forbes, student loan debt is higher in 2019 than it has ever been, with students from around the country owing over 1.5 trillion dollars in student loans. This is largely due to the fact that in inflationary rates have tripled in the past ten years. A College Board survey has reported that the inflationary rates have tripled between 2007 to 2018.
Students of the class of 2017, who took out student loans, owe an average of $28,650, according to the Institute for College Access and Success.
Another contributing factor to this problem is the fact that most Millenials in the United States were told all throughout their high school careers that their lives would not amount to anything if they did not get into a prestigious college. This wasn’t even true 50 years ago, and it especially is not true now with all of the changes that have come to the job market in the past generation.
In these times, it really only pays to go to college if you are in a few very specific fields which require a degree or certification. The job market is only going to change more as artificial intelligence and automation take more of the factory and cubicle jobs that people have become so dependant on. As more cubicle jobs are taken by artificial intelligence, college degrees will become even more specialized and less relevant in the mainstream job market.
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