According to American Student Assistance in 2012, approximately 37 million students (and counting!) across the United States have outstanding student loans. Of those 37 million students, 66.5% are under the age of 40. The Federal Reserve Bank of New York estimates that of the whopping $870 billion in total student loan debt, $580 billion comes from American students ages 40 and below.
With the cost of college attendance on the rise each year, students and their families are finding themselves in a major financial crisis due to expenses that range from student tuition to textbooks, down payments for local housing and utilities. As a result, millions of students are turning toward financial aid and loans in desperate need of help. The unfortunate reality is that many students worry about living independently because they simply can’t pay their loans off. And so the big question must be raised, is it worth falling into debt over our own education? (more…)