'It's Everyone's Economy': Why the Student Debt Crisis Affects Us All
“It brings up a lot of shame. It’s hard to talk about. Because I should have known better. But what I knew was that I really wanted an education,” says Dawn Lueck, a former business management student, in the video. Her story highlights the worries about how much her college debt could hurt her future: “Will I get married? What would this mean for partnership?”
In the 2012–2013 academic year alone, students borrowed a whopping $110 billion, according to a 2014 Pew Research study. There are more than 40 million borrowers, and they carry an average balance of $29,000.
“I currently have $81,000 in debt. I didn’t end up finishing my degree. When I did get loans, they were never enough to cover rent and food and school because the school cost so much money itself,” says Sam Bahu, who studied motion graphics in college, in the video. “I ended up sleeping in my car, which made it much, much more difficult for me to do anything at all.”
As a result, many students regret ever trying to go to college.
“My parents were both immigrants to this country. For them, getting a college education is like the Holy Grail,” says Jorge Courtade, a former communications major who has around $30,000 in student debt, in the video. “I do not think that education is worth it. I think nowadays you can teach yourself a lot of things just from the Internet and YouTube.”