For college graduates, student loan debt is a lifelong commitment. Walking away with over $28k in debt, millennials have learned a valuable lesson when it comes to taking on loans and for many of them it will take decades to pay it off. But it’s not just students who suffer from the student loan bubble; the whole economy could be at risk as well.
Saddled with student loan debt, graduating students are forced to be extremely critical of their own spending, opting to spend less on discretionary purchases and more on necessities. This puts car sales down, house sales down, and even the prospect of retirement is greatly diminished as young people struggle to find financial stability for themselves. Today, by age 30, millennials are less likely than previous generations to start their own business, one in seven say they are waiting to get married because of financial obstacles, and 31% already predict that they will never be able to save enough for traditional retirement.
Policies like federal loan forgiveness, to refinancing options, and even free tuition, it’s up to us to stem the tide for yet another financial crisis. This infographic details the current state of the student loan bubble, the overwhelming debt it’s creating, and how we can put a stop to it.
Infographic Courtesy of Student Loan Review https://www.studentloanreview.com/student-loan-debt/