Watch Video from NY Times
This weekend, The New York Times took a good look at the financing of a college education and highlighted a few staggering data points.
- The U.S. has racked up more than $1 trillion in student loans.
- Today 94 percent of students earning a bachelor’s degree take out loans — up from 45 percent in 1993.
- It’s estimated that the “average debt [per student] in 2011 was $23,300, with 10 percent owing more than $54,000 and 3 percent more than $100,000.”
- “Payments are being made on just 38 percent of the balance of federal student loans, down from 46 percent five years ago.”
- Finally, state funding of education is going down, and tuition is going up, which means that the figures above will just get worse.