If you thought you were the only one suffering with the headache of student loan debt, you surely are not alone.
According to a staggering new study, banks have already written off $3 billion of student loan debt so far this year – and it’s only March.
The main reason they say, more and more college grads are still unemployed, not making enough money or just flat out broke, and can’t keep up with their payment plans.
To make matters worse, Equifax who conducted the study, reports that student lending has in fact increased in the last year, as more people are going back to school and are being hit with tuition hikes.
When you look at the facts, the numbers do add up.
For example, the cost of earning a 4-year undergraduate degree has skyrocketed 5.2 percent per year in the last 10 years, resulting in more students to take out loans.
The student loan epidemic is not only on the minds of the borrowers but on the mind of the U.S. Consumer Financial Protection Bureau. According to them, high student loan debt will ultimately affect the economy because debt – of any kind – will affect a student’s credit, limiting their ability to make purchases like homes and cars.