With college graduation season among us, thousands of graduates from across the country are stepping out into an unpredictable job market more in debt now than ever.
Over the course of the past two decades, the cost of a college education has surged dramatically. Acc0rding to a recent study from the New York Times, 94 percent of college graduates who receive a bachelor's degree now go into debt to do so.
Last year, the average student college student debt was $23,000. For those that choose to attend a private institution or an out-of-state public school, those costs can be drastically higher.
With such a high percentage of debt, even graduated that are lucky enough to land a good, well-paying job will put a significant portion of their paycheck towards paying off their student loans for many, many years to come. As a result, many are forced to put off buying a home, getting married, and spending money to stimulate the economy.
According to a survey done by the The Institute for College Access & Success (TICAS), the vast majority of young adults believe that a college education is now more important, and less affordable than ever before.
In an alarming figure from the U.S. Consumer Financial Protection Bureau (CFPB), college loan debt now exceeds $1 trillion.
Working in conjunction with the Department of Education, CFPB has launched its 'Know Before You Owe' campaign to educate prospective college students and their families about the realities of college debt.