With the student loan crisis showing no signs of improvement, there’s little to no light at the end of the tunnel for America’s debt-ridden graduates. The National Association of Realtors say 45 million people across the U.S. are carrying student debt with a fifth of them owing $100,000 plus. Unsurprisingly, that is impacting home ownership and the Realtors say that 83 percent of people aged 22 to 35 who have not purchased a home blame their student debt.
The Northeast of the country is the worst affected and according to a CNBC report, 75 percent of New Hampshire’s graduates carry outstanding debt, the worst in the country, with the average amount owed $36,367. Utah has the lowest rate of debt and graduates there owe an average of $20,000.
The following infographic shows how third-level education in the U.S. has gone from being a dream to being a “debt sentence” for millions of American students. Federal Reserve data shows that the amount of student loans stood at $480 billion in 2006 and by 2018, the debt mountain had risen to $1.53 trillion. The reasons for the debt are numerous and complex, but are likely to include increases in tuition costs, less students finishing their courses and the lingering impact of the financial crisis.