There Are 101 Americans With Over $1 Million In Student Loans

While millions of Americans are drowning in student loans – 101 people have the ultimate albatross around their necks; student loan balances exceeding $1 million. This is totally unconscionable – surely universities and the federal agency with oversight over student loans should be monitoring students’ total indebtedness?

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Astronomically high college tuition facilitated by a bottomless ocean of student loans has saddled Americans with a record $1.48 trillion in non-dischargeable debt – an amount which has more than doubled since the 2009 lows.

As we reported in January, nearly 40% of student loans taken out in 2004 are projected to default by 2023 according to the Brookings institute.

While in March we noted that debt-laden millennials were set back an average of $140,000 vs. their parents – a problem compounded by the fact that students aren’t just borrowing money for tuition; their student loans cover rent, food and other bills, leaving them with massive interest payments and in many cases, little prospect of getting ahead – much less saving for retirement. 

Enter the million-dollar-debtors

While millions of Americans are drowning in student loans – 101 people have the ultimate albatross around their necks; student loan balances exceeding $1 million, according to the Wall St. Journal

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5 thoughts on “There Are 101 Americans With Over $1 Million In Student Loans

  1. Getting a loan to earn a diploma for a career that no longer exists is setting society up for herding people into a corporation debtors’ prison for the twenty-first century. Where is Charles Dickens?

    Liked by 2 people

    • That is the most profound, honest and real statement I have heard in a long time, marblelenecltr. I totally agree with you. You said it so perfectly and suucintly. Go in massive, debt to get degrees for jobs or carrers, that do not exist any more. Then go to debtors prison, which is exactly what is happening as far as ai can see.

      Like

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