Here’s How Student Loan Debt Will Affect Millennials in the Long Run
Spoiler alert to no one: Debt among the millennial generation is an unfortunate fact of life. It’s such a universal issue that “paying off debt” was listed as the number one New Year’s resolution among 20-somethings this year. Some cities are even now offering to pay off student loans as an incentive for young people to move there. In this new infographic, mental health org Yellowbrick takes a deeper dive into what the national debt crisis means for our generation.
While there’s a slew of shocking and slightly disturbing facts found in this infographic, there are certainly a few that really stand out. Yellowbrick writes that two-thirds of millennials aged 23 to 35 have at least one source of long-term debt, with the average amount in the United States coming in at a whopping $40,000. According to a recent report from the Consumer Financial Protection Bureau, student loan debt now totals more than $1.2 trillion and affects more than 40 million Americans. And as a final kicker (are you ready for this?) if the US government was a private company, it would be the most profitable in the world purely from student loans. So, that’s cool…
Scroll on down to take a look at all of the other findings nestled in this infographic (and then we highly suggest you DL these calming meditation apps).
What was the most shocking fact you discovered in this infographic? Share with us on Twitter @BritandCo.
(Infographic via Yellowbrick, Feature image via Getty)