Motley News

Here is an infographic about student loan facts created by “Rebuild the Dream.” It is mind-boggling to see what students are up against in order to gain a higher education – a college diploma. Our education system has turned into a “damned if you do, and damned if you don’t” choice upon graduating from high school. You are damned if you go simply due to the overwhelming about of debt a student will incur upon graduating. But if a high school grad decides to opt out of a college education because of the cost, then they are forever bound to lower paying jobs and fewer – if any – benefits.

No college graduate is guaranteed a job upon graduation. Then to have such a large burden upon one’s shoulders…. This is not what America used to be about. College is now becoming a priviledge for the elite, and no longer a right for any person seeking a college degree.

[1]  Student loan debt has passed one-trillion dollars – this is significantly higher than credit card debt.

[2]  Student loan debt has nearly tripled in the past decade alone.

[3]  In the past 20 years, tuition and fees have doubles, yet median household income has risen only 2.1%

NOTE: I am a Purdue University graduate and I graduated debt free because the cost for state residents was affordable. My tuition when I entered into my Freshman year as just under $800/semester, full time. LOL… sometimes the books and supplies would cost more than the tuition.

[4]  Collectors can legally garnish up to 25% of your wages if you default.

NOTE: If a person defaults on their loan, it is most likely because they have had no choice but to take a lower-paying job most likely not even in the field they studied. Then for the collectors to come along and take one-quarter of your wages…. there’s not going to be much left over.

[5]  Student loans is the only form of debt that cannot be discharged in bankruptcy in normal circumstance.

[6]  On July 1, 2012, subsidized Stafford loan RATES WILL DOUBLE IF CONGRESS DOES NOT ACT!!!!

And here is one more little tidbit via a graphic:

Source of Infographic:

Rebuild the Dream | You Probably Already Know This: Six Facts On Student Debt

Sources for facts on the graphic:

[1] Consumer Financial Protection Bureau: “Too big to fail: Student debt hits a trillion.”
[2] Business Insider: “Student loan debt has shot up nearly 300% in the past decade.”
[3] Demos: “The Great Cost Shift: How higher education cuts undermine the middle class.”
[4] U.S. Department of Labor: Garnishment law.
[5] NOLO: Student Loan Debt in Bankruptcy
[6] NPR: “Students to Congress: Don’t let my interest rate double.”