Average Student Debt
The, key ingredient for any crisis are greed, desperation and a fake sense of need, regardless of the cost of the item that is being sought. Think tulip crisis or mortgage crisis and the student loan market is following the exact same pattern. Hence, the outcome is going to be the same. You cannot kill stupidity; stupidity is the only bull market that has never experienced a correction and probably never will. The clock below illustrates the mind-boggling rate at which new student debt is being created. This crisis will make the mortgage crisis appear like a walk in the park.
The Congressional Budget Office is forewarning that unless strict measures are implemented soon, our national debt will soar to $30 trillion by 2026. Our response is that nothing will be done unless someone who is willing to challenge the status quo is elected. If that does not occur, then expect the national debt and student debt to spiral out of control. The masses have are sedated and almost in a comatose state; overworked and underpaid they don’t have the energy to challenge the system. And the Top shadowy players have no intention of changing the status quo. This is what they want as it allows them to bleed the masses without having to encounter resistance.
The delinquency rate on student loans is already 11% and this is set to rise and students are paying more and more for less and less. What do we mean? They take on huge amounts of debt but have a hard time landing a job that can pay back this debt. The solution, make it harder to qualify for student loans and this will force prices lower as universities will finally have to compete for students that have the money to pay as opposed to strangling debt-free students for life with massive amounts of debt that most will never be able to pay off
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Average Student Debt is skyrocketing
The latest student loan debt statistics for 2020 show how serious the student loan debt crisis has become for borrowers across all demographics and age groups. There are 45 million borrowers who collectively owe nearly $1.6 trillion in student loan debt in the U.S. Student loan debt is now the second-highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans. The average student loan debt for members of the Class of 2018 is $29,200, a 2% increase from the prior year, according to the Institute for College Access and Success.
California, Florida, Texas and New York represent more than 25 of all U.S. student loan borrowers who collectively owe more than $420 billion of student loan debt. Forbes
Game Plan on dealing with Average Student Debt
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