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How US Student Loans Became A 16 Trillion Crisis
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=ByarIf31lfI
College is more expensive—and important—than ever before. Some 44 million Americans collectively hold nearly $1.6 trillion in student debt. And these numbers are growing. This decade alone, college costs increased by 25% and student debt increased by 107%. Today, college graduates earn 80% more than those with just a high school diploma. That dichotomy is putting students in a difficult situation: Do they risk going into crippling debt at the beginning of their adult lives in the hope the investment turns into a career financial stability that goes with it? • Some 44 million Americans collectively hold over $1.6 trillion in student debt. And these numbers are growing. • At the same time, advancements in technology, especially automation, are making it harder to earn a living wage without some type of advanced degree. Today, college graduates earn 80% more than those with just a high school diploma, on average. • College is more expensive — and important — than ever before. And that dichotomy puts students in a difficult situation: do they risk going into debt they can’t pay back or miss out on the benefits of a college degree? • Experts have long labeled this dynamic a “crisis.” But then, another kind of crisis hit: the coronavirus pandemic. And then, an economic crisis followed. • In February, the United States officially entered an economic recession and between mid-march and June, over 42.6 million Americans filed for unemployment. • During the 2008 recession, many opted to go back to school and gain new skills. However, since then, the cost of a four-year college degree increased by 25% and student debt increased by 107% and many are less sure if college will be the solution to riding out a recession this time around. • CNBC Make It spoke with students, borrowers, historians and experts to learn how student debt became a crisis, how the pandemic will impact borrowers and who is to blame for putting students in an impossible position. • » Subscribe to CNBC Make It.: http://cnb.cx/2kxl2rf • About CNBC Make It.: CNBC Make It. is a new section of CNBC dedicated to making you smarter about managing your business, career, and money. • Connect with CNBC Make It. Online • Get the latest updates: https://www.cnbc.com/make-it • Find CNBC Make It. on Facebook: https://cnb.cx/LikeCNBCMakeIt • Find CNBC Make It. on Twitter: https://cnb.cx/FollowCNBCMakeIt • Find CNBC Make It. on Instagram: https://bit.ly/InstagramCNBCMakeIt • #CNBC • #CNBCMakeIt • How U.S. Student Debt Became A $1.6 Trillion Crisis
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