Most of us were more worried about getting into our college of choice than we were about paying for that education. But the cost of college has risen dramatically in recent years. According to the National Center of Education Statistics, between 2000-01 and 2010-11, prices at public institutions rose 42 percent. As a result, of the 20 million Americans that attend college, 60 percent borrow money to pay for it. But without a college degree, people earn much less, leading to greater income inequality. So, what’s the answer?
For many, student loans have become the go-to solution. As the cost of college has risen, so has the amount of student loan debt. According to the American Student Assistance (ASA) organization, in Student Loan Debt Statistics, “There is roughly somewhere between $902 billion and $1 trillion in total outstanding student loan debt in the United States today.” The average balance owed is just over $24,000. Read more