Student loan debt now exceeds credit card and car loan debt

StudentLoanDebtChart

Did you know that the total U.S. student loan debt has quadrupled since 2005, surpassing what Americans owe on cars and credit cards? In 2013, the Consumer Protection Financial Bureau announced student debt had topped $1.2 trillion. And last year, seven out of ten college graduates left school owing an average of average $29,400 each in student loans.

These statistics – and many more – were compiled this week by NEA Today to illustrate the astounding extent of the student debt crisis in America today.  You can help ease the student debt crisis by participating in the NEA’s Degrees Not Debt Week of Action.

NEA’s Degrees Not Debt campaign calls on lawmakers to expand federal student aid programs, including Pell Grants for low-income students. As tuition has increased, Pell Grants especially haven’t kept up.

It also aims to make educators more aware of the public service loan forgiveness program, which could completely erase student loan debt following 10 years of payments.

Read more in NEA Today:

Student Debt: 6 Charts That Explain it All – NEA Today