4 ms·

The median student loan debt is just $13,000, and seventy-five percent of borrowers owe less than $29,000. That's easily paid by most working professionals ove

The median student loan debt is just $13,000, and seventy-five percent of borrowers owe less than $29,000. That's easily paid by most working professionals over a decade or so. The student loan "crisis" is fake news. The largest loans are for high income professional degrees like law and medicine.

Retric 9y ago
That's probably not measuring what you think it is. It includes people who had 50k in debt and paid it down to 13k not just people who graduated with 50k. It even includes people who failed out an now owe 10k without getting a degree and people that went to Trucking schools. PS: Parents take on 10k of debt and kid takes on 50k, that's now 2 households with debt etc.
cmiles74 9y ago
I disagree. The average student loan debt from a public college is around $35k and that excludes private colleges, who are not required to report. Keep in mind that a great many students (who are not all wealthy) attend private colleges. It certainly is not "fake news". http://www.ibtimes.com/student-debt-crisis-2016-new-graduates-owe-record-breaking-average-37000-loans-2365195 http://www.ibtimes.com/student-debt-crisis-2016-new-graduate...
losteric 9y ago
What fraction of borrowers end up in a decent professional career? > That's easily paid by most working professionals over a decade or so. So most people can start saving money around 30? That's a regression from past generations. When are they going buy a house, start a family, and eventually retire?
ourmandave 9y ago
The maximum a dependent student can borrow is $31,000. https://financialaid.umbc.edu/types-of-aid/federal-loans/stafford-limits/ https://financialaid.umbc.edu/types-of-aid/federal-loans/sta... Unseen in the $13,000 number are the Parental Plus loans that parents (and grandparents) are taking out that aren't in the student's name, but are just as unforgivable.
daveFNbuck 9y ago
Law and medicine used to be highly paid professions, but this is becoming less true over time. Now it's hard for new lawyers to even get a job, much less a high-paying one at a big law firm.

Retric 9y ago

That's probably not measuring what you think it is. It includes people who had 50k in debt and paid it down to 13k not just people who graduated with 50k. It even includes people who failed out an now owe 10k without getting a degree and people that went to Trucking schools. PS: Parents take on 10k of debt and kid takes on 50k, that's now 2 households with debt etc.

cmiles74 9y ago

I disagree. The average student loan debt from a public college is around $35k and that excludes private colleges, who are not required to report. Keep in mind that a great many students (who are not all wealthy) attend private colleges. It certainly is not "fake news". http://www.ibtimes.com/student-debt-crisis-2016-new-graduates-owe-record-breaking-average-37000-loans-2365195 http://www.ibtimes.com/student-debt-crisis-2016-new-graduate...

losteric 9y ago

What fraction of borrowers end up in a decent professional career? > That's easily paid by most working professionals over a decade or so. So most people can start saving money around 30? That's a regression from past generations. When are they going buy a house, start a family, and eventually retire?

ourmandave 9y ago

The maximum a dependent student can borrow is $31,000. https://financialaid.umbc.edu/types-of-aid/federal-loans/stafford-limits/ https://financialaid.umbc.edu/types-of-aid/federal-loans/sta... Unseen in the $13,000 number are the Parental Plus loans that parents (and grandparents) are taking out that aren't in the student's name, but are just as unforgivable.

daveFNbuck 9y ago

Law and medicine used to be highly paid professions, but this is becoming less true over time. Now it's hard for new lawyers to even get a job, much less a high-paying one at a big law firm.