Student loans were created as financial aid to help those who might otherwise not be able to afford college to reach their educational goals. But what happens when the job market goes sour, everyone turns to college to fix their career problems at the same time, and they need student loans to make it happen?

A record-setting mountain of student debt happens, that’s what.

According to a recent study by the Joint Economic Committee of the U.S. Congress, American college students and recent graduates are knee-deep in debt, with their debt payments threatening to gobble up their incomes. Our newest infographic says it all:

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Infographic Student Loan Debt Financial Aid

Key Facts:

The total amount of student debt in the U.S. has increased from $550 billion in 2007 to almost $1 trillion in 2013.

Two- thirds (67%) of recent college graduates have student debt to pay off.

Certain states, like Vermont, New Hampshire, Maine, Michigan, Ohio, Iowa, Indiana, Pennsylvania, Rhode Island, and Montana have been the worst hit by the student loan explosion.

Source: “The Causes and Consequences of Increasing Student Debt,” Joint Economic Committee, United States Congress, June 2013.

http://www.jec.senate.gov/public/?a=Files.Serve&File_id=d7937b2f-e01c-4721-8b8b-09f5776725a1

 

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