College students, graduate students, and recent college graduates all struggle with mountains of student loan debt. The job market is so poor, many graduates are unable to find a job in their field of study, and discover the college degrees they worked so hard to achieve aren’t doing a lot of good. The average debt for a college graduate is almost $30,000, and the total student loan debt in America has now surpassed $1 trillion. Student loan debt has grown so large that it’s no longer just a problem for students and recent graduates.
Most college students rely on financial help from their families to get a college education, and this often requires their families to take out loans. As college tuitions rise, loans become too great for just a student’s parents to bear, and sometimes his or her grandparents chip in as well. Retirees across the country are beginning to feel the pinch of student loans from supporting their families.
Retirees are affected by student loans in other ways. As college graduates age, they are unable to build up retirement savings, because they have to pay their student loans. This leads to more people of retirement age working longer because they can’t afford to retire, which, in turn, prevents college graduates from advancing in the workplace. Many seniors who are already of retirement age are still struggling with student loan debt they incurred many years ago. Student debt has become a problem not only for students and recent graduates, but also for society as a whole, and it needs to be addressed.