Tag Archive for student loan debt

Congratulations, class of 2014: You’re totally screwed

Salon

College costs more and more, even as it gets objectively worse. Only people worse off than indebted grads: adjuncts

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Welcome to the wide world, Class of 2014. You have by now noticed the tremendous consignment of debt that the authorities at your college have spent the last four years loading on your shoulders. It may interest you to know that the average student-loan borrower among you is now $33,000 in debt, the largest of any graduating class ever. According to a new study by the Pew Research Center, carrying that kind of debt will have certain predictable effects. It will impede your ability to accumulate wealth, for example. You will also borrow more for other things than people without debt, and naturally you will find your debt level growing, not shrinking, as the years pass.

As you probably know, neither your parents nor your grandparents were required to take on this kind of burden in order to go to college. Neither are the people of your own generation in France and Germany and Argentina and Mexico.

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