A generation crippled by payback terms; where education is secondary and payback is primary. This thought sounds depressing, but is very real. Student debt has surpassed $1 trillion and the average lifetime to payback has changed dramatically.
Back in 1993, only 45% of students borrowed loans for school. Today, that number has reached 94%. The average debt hovers around $24,000, with 10% owing more than 54% and 3% owing more than $100,000. If you are not responsible for your own payments, then this maybe something to overlook. But, for all those responsible for their own debt, this hampers not only their entrepreneurial spirit to take on more risk, but it has left them bitter as the terms for the loans have spiraled out of control.
Many anti-traditional revolutionists have called for the “higher education under microscope” treatment. Is all that debt really worth it? If tuition can rise by 8% YoY, but wages rise only 5% since 2001, there is a very real problem. Maybe these business models have become antiquated. Young speakers like Nikhil Goyal, at 16, have already expressed alternate methods to education, calling for a “learning movement”. Maybe, we can finally accept the dropout way of life; atleast then we can control all the terms.
Please click on the title to see an interactive data graph about how education has changed and affected us over time.