Young Americans are overrun with student debt. This crisis is the culmination of waning government funding for higher education, wage stagnation, wealth inequality, and a misleading emphasis on obtaining high credentials—all leading to the financial gap between college prices and later earnings. In 2020, aggregate balances reached $1.66 trillion in 2019 dollars, 122% higher in real dollars than in 2010. Not surprisingly, the number of borrowers, the amount they owe, and the number of loans each borrower acquires, have all increased over the time period. In 2019, 18-35 year-olds with student loan debt owed nearly $35,000 on average compared to just over $28,000 (USD 2019) in 2009. Back in 2009 there were only 32 million federal borrowers; in 2019, that number swelled to 43 million.
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