If you are currently in college or recently graduated, chances are you think about your student loans approximately once every seven seconds. (This is not research-based.)
Student debt is a mounting problem for most college grads, dictating everything from what jobs we accept to where we live, and it doesn’t seem to be getting better anytime soon.
According to investment management company Vanguard, tuition has been rising about 6 percent a year. That means that by 2035, public universities could cost as much as $54,000 a year (over $200,000 in total) and private universities could reach $120,000 a year, which would total around half a million dollars (!!!).
Unless financial and merit aid packages are also planning on expanding exponentially, these figures are nothing short of terrifying.
“When you look at these numbers and how college has increased from an inflation standpoint historically, it is staggering,” said Maria Bruno, a senior investment strategist at Vanguard.
Buzzfeed points out that for families with multiple college-bound kids, they could quickly be looking at a seven-figure number.
College debt is already an insurmountable problem for many students; the average 2016 graduate has more than $37,000 in debt and the average monthly loan payment is $351. That adds up when you’re trying to pay rent.
At least we should get a few impassioned, hand-waving Bernie Sanders speeches out of this.