Many people blame all of America’s economic problems on the recent recession but there were serious economic issues even before that, particularly when it comes to the cost of an education. The price of a college life has many factors like books, residence, tuition, and many other miscellaneous expenses. All of these contribute to a growing problem this country is facing: the huge amount of student loan debt.
College costs have been rising, especially the cost of tuition, and subsequently the amount of students graduating with exorbitant amounts of student loans is staggering. In 2012, the average student loan debt was around $25,000 and it looks like that number is just going to grow. Of course, the cost of an education is still worth the degree in the long run but it is important to know where we are headed. Take a look at this infographic that was developed by Consolidated Credit. They take a generational approach to the cost of college and the rise of student loan debt. We look all the way back to the 1940s to look at how costs have inflated in order to see where we are headed.