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The student debt crisis in the United States has become a significant issue affecting millions of young Americans. Education has become increasingly important in the modern world, with the majority of high-paying jobs requiring at least a bachelor’s degree. However, the cost of college education has increased significantly in recent years, leading to an unprecedented level of student debt. This debt has significant short-term and long-term impacts on young people, affecting their financial stability, career
The cost of higher education has skyrocketed in recent decades, far outpacing inflation and wage growth. In 1980, the average cost of one year of college, including tuition, fees, and room and board, was $7,286. By 2019, that number had increased to $26,593, an increase of 265%. This means that the cost of college has become increasingly unaffordable for many young people, especially those from low-income families or minority backgrounds. These students are often forced to take out larger loans, which incre