While college is certainly not the only path to a good job, the fact is more than half of all jobs paying over $35,000 require a bachelor’s degree or higher — and that number is only expected to grow.
Americans are following the money. Today more than 44 million Americans have outstanding student loan debt, which has become the one of the biggest consumer debt categories. All told, student debt in the U.S. now totals more than $1.5 trillion.
For South Dakotans, more than 109,000 borrowers hold $3.3 billion in total outstanding federal student loan debt, according to recent data from the Department of Education. That averages out to more than $30,000 per borrower. In Virginia, more than 1 million borrowers hold $38 billion in total outstanding debt. Across America, it’s estimated that the average borrower has more than $37,000 in debt, while more than 2 million student loan borrowers owe $100,000 or more — and these figures continue to rise.
For many young Americans entering the workplace, that first job will also bring with it the first payment on tens of thousands of dollars of student loan debt — debt that can take them decades to pay off. As a result of this growing student debt crisis, many borrowers struggle to pay for day-to-day necessities like rent, groceries or car payments. For others, their student debt stands in the way of buying a home, starting a business or pursuing a new career opportunity. (Source: Time)