According to the New York Federal Reserve Consumer Credit Panel, Americans owe a total of $1.5 trillion in federal student loan debt. Student loan debt for young adults ages 19-30, in particular, are responsible for roughly $1 trillion of the burden.
Financial debt is hardly a new issue facing people today. For centuries money has consistently earned its place as the leading cause of divorce, anxiety, depression and overall discontent. Our capitalist society often amplifies our stress striving for financial success according to culture.
The aggressive rise of student loan debt has only multiplied collective anxiety around money.
The economy is already reflecting the ramifications, symptomatic of millennials crippled by enormous student loan debt averaging $30,000 per person. Paired with the challenging economy, rising cost of living with no matching increase in wages has lead millennials away from purchasing homes, making investments and even having children.
Read more at How to find God (and hope) in the student loan crisis.
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