According to the Huffington Post, a majority of young Americans said that student loan debt is a major issue facing the nation and most blame the problem on colleges.
The Huffington Post reported that 58 percent of adults’ ages 18 to 24 who were polled recently considered rising student loan debt levels a “major problem”. The poll found that 22 percent of adults considered student loan debt a “minor problem”; while 3 percent said it is not an issue at all.
In a twist, rather than blaming the debtors themselves, 39 percent of adults polled blamed student loan debt increases on colleges and universities, indicating that they think rising debt is tied to mounting costs in tuition. Only 10 percent of those polled blamed the debtors themselves.
According to the Huffington Post, the cost of a college degree has increased 12-fold in the last 20 years. Collectively, the U.S. owes more than $1.2 trillion in student loan debt.
“Young people who are coming of age today understand that getting a postsecondary education is important [but] they have a lot of fear about the rising cost of higher education,” Rory O’Sullivan, the Policy and Research Director at Young Invincibles, told the Huffington Post.
According to the Huffington Post, Young Invincibles is currently working with student groups in various states to raise awareness of how state budgeting processes affect tuition bills.
Washington D.C. Student Loan Debt
This country is now facing a higher education bubble. For example, last year, nearly 15 percent of student loan borrows defaulted on their loans, when the average balance was $23,300. In Washington D.C., student loan debt is an even bigger obstacle for residents. The average balance among District residents with student loan debt in January was $47,390, the highest average in the country. Maryland ranked second highest, with an average student loan debt of $33,727.
Although you may not be able to discharge student loan debts, you can still free up money for payments by filing for Chapter 7 or Chapter 13 bankruptcy. An ‘automatic stay’ triggered by a bankruptcy filing puts an end to credit card collection attempts and can end lawsuits brought on by lenders.
D.C. residents owe nearly twice as much as the average American. If you are struggling with student loan debt, as well as credit card debt and medical bills, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.
Law Firm of Kevin D. Judd– Maryland and Washington DC bankruptcy attorney
Judd’s Judgment: According to MotherJones, in 2010, households with less than $8,500 held 60 percent of the nation’s student loan debt in net worth.