7 out of ten students graduated with student loan debt in 2014 and the total debt of collective students is over 1 trillion dollars. That is higher than credit card debt and is second only to mortgage. Part of the problem is when the average tuition of colleges has gone up by 28% since the 2007-2008 school year.
Most students will have to work for years to even make a dent in their student loan debt, which is a huge problem because that is money they could potentially save for retirement or college funds for their kids. Student loan debt follows students for many years after they graduate because there is no way to get rid of it. These schools will always find a way to take their money.
Another huge problem is For-Profit colleges. These colleges account for about 30% of student loan debt, and yet they only account for about 13% of student population. The cost of going to one of these schools is about 6 times more expensive than going to community college and twice the price of a 4-year university. You might be thinking that most of this goes back to the students by way of better professors, better equipment, and better facilities. However, you might be surprised to know that about 25% of all profits from the school go to advertising. These colleges prey on many veterans and uneducated to pay absurd amounts of money for an education that is equivalent to that of a community college, which I mentioned before is much cheaper to get.
