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7 Scary Facts About the Student Debt Crisis

A Nightmare With No Protection

Big Banks, gamblers, and automakers can claim bankruptcy, but you’re shit out of luck if you have student debt; there is currently no bankruptcy protection for either private or federal loans.

Uncle Sam is a Predator

Student loans are a cash cow for Uncle Sam: the Federal Government made about $50 BILLION in profits on student loans in 2013. That’s $5 Billion MORE than ExxonMobil made in the same year.

Death Cannot Save You

You thought the bankruptcy exemption was bad? Here’s another drastic measure that won’t erase your student loans: dying.

While this doesn’t apply to federal loans anymore, private loans can still be passed on to family members once the borrower has passed away.

Debt Will Haunt Your Worklife

60% of employers report conducting credit checks on job applicants, making student debt a barrier to good jobs. This creates a death spiral of lost income, missed payments, more lost income, and so on until the end of freaking time, apparently.

Trapped in an Evil System

Blame a lack of information, not students: two out of three student borrowers misunderstand aspects of their loans, and two out of three were never educated about the differences between private and federal loans.

The Bubble That Ate America

Student loan debt (now well over $1 TRILLION) has increased over 500% since 1999, making it by far the fastest growing debt in the nation. Remember the housing bubble that kicked off the 2008 recession? This one is twice as big.

The Job Market Horror Show

Almost 50% of the class of 2010 are working jobs that don’t require their high-priced bachelor’s degree.

38% percent are in jobs that don’t even require a high school diploma.

Written by Other98 Team