Education is more than schooling, more than training, more than literacy. Education is life and life is Education. Because of higher education, you can come out from the crowd. But you have to pay thousands of dollars to study in the U.S., in a way, the diploma also sets you back. While the country remains the world’s most destination for international students, it’s also an expensive choice. On the other hand, local people have to suffer a lot for paying it too.
A few days ago, Wee-Yum user of American Twitter shared a screenshot of their student debt: $82,649.35. “This is my student’s loan amount”, they wrote. “I don’t stress because it is not ever getting paid off”. For finding relief, Wee-Yum asked others to share their numbers as well.
As it is a hot topic so, it didn’t take long before the tweet went viral. Generating over 93.4k likes, it has received plenty of replies with the astonishing dollar amount. As you can feel the situation of people who shared it seem so depressed and hopeless about it.
To understand the data on the topic is not an easy task: the total amount of extraordinary student loans reached an all-time high in 2020- $1.6 trillion. Based on the current rate of growth. By 2024 this number a reach $2 trillion.
At least 43% of Americans who went to college took on some form of debt in order to go through their studies. Nevertheless, when it comes to today’s students, the situation is even worse. About 54% of them need to borrow the amount to cover their educational costs.
For Scott Quenette, one of the people who added to the thread, a student loan was the only way to go to college so he took it on as a necessary evil. “[My] loan total is around $150k, including interest,” Scott told. “I’ve paid $18k so far and it’s all been interest so I just assume I’ll be paying it forever. It’s all federal so it’s manageable. Just an annoying bill every month.”
Student debt weighs not only spread on the millions of people who owe it but it’s giving stress on the U.S. economy as well. Roughly 92% of student loan debt is returned by the U.S. government, making it a vast political issue.