Young people and potential career changers continue to be bombarded by data supporting higher education as a pathway to a higher quality of life. Indeed, according to the College Board, degree holders earn $22,000 per year more than non-degree holders, they have relatively lower unemployment rates and they are more likely to receive employee-provided health insurance. However, with the average student loan debt burden now topping $25,000, and given the still-lethargic labor market, with unemployment still in the high single-digits, those evaluating higher education as an option may need to carefully consider whether or not it is truly a means to a better end. Given news that the nation’s student loan burden now exceeds $1 trillion, we take a look at how this large student loan debt burden could affect our economy in the coming years.
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