Source: US News
Ask your students to come up with some takeaways after analyzing this chart. Here are a few ideas:
- Overall, student loan debt has more than tripled in the last 10 years from $346 billion to $1.15 trillion
- The bulk of the student loan burden falls on those under 40 years old, although it would appear that about 1/3 of student loan debt is held by those over 40, beyond the age when most student debt should already be paid off.
- Given how student debt seems prevalent even in the 50+ age range (a dramatic shift from 2004), it would seem that cohort of borrowers would be challenged in saving for retirement.
- As for causes, a soft job market, reduced public investment in higher education and ongoing cost increases beyond rate of inflation have led to this student debt situation.