There are 44 million Americans carrying student loan debt. Most are delusional…
Here are the hard statistics: 44 million Americans carry $1.28 trillion in student loan debt. The average graduate in the class of 2016 is carrying about $37,000 in student loans.
Most of those students will not go into high-earning fields like engineering. Their degrees will be in the liberal arts. If they’re lucky, they’ll be earning a little more than their total debt load when they get their first job.
They aren’t very disciplined when it comes to paying off their loans. The standard repayment plan for federal loans has the debt being paid off in 10 years. Research shows, however, that the time it takes the average student to repay a loan of about $30,000 takes 21 years.
People are more disciplined with their car loans than their student debt. The average car loan in 2016 was $30,000, and it took an average of five and a half years for people to pay it off. Contrast that with the 21 years it takes them to pay off their $30,000-student loan.
The students could have gotten a degree for $15,000, total, and skipped the debt. But they wanted to have the college experience: away from their parents’ authority, sleeping in co-ed dorms. They probably weren’t self-disciplined enough to study, so they didn’t take anything difficult. That’s why they end up with degrees in social work and history.
Or maybe even philosophy.
PANHANDLING THE FEDERAL GOVERNMENT
And now, they want your mercy. They want the government to cancel the debts that their poor decisions led them into.
These kids — sorry, these adults — are delusional…