More Data Prove the Student Debt ‘Crisis’ Doesn’t Exist

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Choo Choo

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Student Debt ‘Crisis’ Doesn’t Exist

“O come, let us worship and bow down: let us kneel before the LORD our maker.”  Psalms 95:6 (KJV) 

“Canceling” student debt has become a top priority for progressive Democrats. Key to their argument for having taxpayers financially absorb the $1.6+ trillion in federally-held student debt is the notion, much parroted by the mainstream media, that we’re currently amid a student debt crisis.

But this isn’t actually true. Student debt is not actually a “crisis.” Sure, $1.6 trillion is a lot of money. Yet as the Cato Institute’s Neal McCluskey reports in a new analysis, it’s entirely manageable when viewed in the context of more than 43 million borrowers.

Here are some pesky facts from McCluskey’s analysis that you’ll rarely see acknowledged in mainstream media coverage or progressive rhetoric on this issue.

  1. The average bachelor’s degree debt at graduation is still just $15,600.
  1. People with a bachelor’s degree still earn $1.2 million more over a lifetime than those with only a high school education.
  1. The average starting salary for a graduate with a bachelor’s degree is $55,260.
  1. The average monthly payment for a graduate under typical conditions is just $287.54.
  1. On average, repayment costs only consume about 6.2% of a graduate’s annual salary.

That’s right: The average borrower owes a few hundred bucks a month and it’s less than 10% of their annual salary… in exchange for an investment that increases their lifetime earnings by over a million.

What’s so horrible about that, exactly?

Sure, you’ll have little trouble finding an anecdote here or there of some sympathetic individuals who can’t afford to pay their loans. But they are the exc…

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