You’ve heard it before… “The student debt bubble is going to burst just like the housing debt bubble.” But now I ask, is it happening now?

I’m not just concerned with the fact that students are being forced to pay more and more for a product that is worth less and less. I’m more concerned with the staggering effect we are going to see on our economy when over half of the largest generation to date is unable to pay off student debt, credit cards, or mortgage payments because the interest rates continue to stack up while new jobs are not being created. This phenomenon debilitates even the hardest working Americans from living the American Dream.  

Here are some statistics to consider:

Millennial’s represent a demographic that is 7% larger than the Baby Boomer’s.
The average American graduate has $29,400 in student loan debt.
That will increase at least 6% annually.
Of the $1.2 trillion in American student loan debt, only $150 billion is in private debt
Student loan debt has risen from just $250 billion in the last decade alone
Over 55% of current American graduates are experiencing under or unemployment

There are solutions out there, and individuals can certainly tread their own path to success; however, it is imperative that we start seeing reform on a political and institutional level to alleviate the current burdens and pave a road to prosperity that is much more obtainable for the average American. Let’s start utilizing education technology advances and educating students for jobs that will exist in years to come.

Weigh in with your thoughts! Let’s connect on Twitter @SINevents @zackhuhn