According to recent statistics regarding student debt in our country, Americans owe over $1.4 trillion in student loan debt, which is spread out among nearly 44 million borrowers. Furthermore, the average amount of student loan debt for a graduate of the Class of 2016 was approximately $37,172, up six percent from the previous year. (Sources via: WSJ, and federalreserve.org)
Student loan debt isn’t the only major issue surrounding students and young adults; young Americans (age 25-34) have the second highest rate of bankruptcy after Americans 35-44, and nearly 1 in 5 Americans ages 18-24 qualify themselves as being in “debt hardship.” These findings suggest that the younger you are, the tougher your financial situation seems to be.
Given these statistics, it’s no wonder that there is so much information floating around about debt. Unfortunately, not all of it is true. So, let’s take a look at a few of the important facts and myths: