An Alarming Look At the Student Loan Debt Crisis in America
John Oliver's piece on Student Loan Debt this last weekend is an eye-opener, and something well-worth your anger and phone calls to legislators
In the spirit of thoroughness (from my amateur source-finding skills at least) so far I can't find a single fact to dispute. Links included throughout.
- Student loan debt topped $1 trillion (that's $1,000,000,000,000) in 2013... second only to mortgages.
- That's more than credit card debt and auto loans.
- Student loans have more than tripled in the last decade.
- Between 85-90% of that amount is owed to the federal government.
- States are still funding higher-education below pre-recession levels, causing them to raise tuition, causing students to take on more debt.
And then the most alarming fact of them all: 31% of all student loans are to pay for for-profit colleges, while only 13% of the student population ATTENDS a for-profit college.. Everett, Argosy, Kaplan, University of Phoenix, etc. -- companies traded on Wall Street.
I give you the best, and worst, 16 minutes of your year... HBO's John Oliver on September 7th's "Last Week Tonight". FYI - language is NSFW.