Student loan debt report
Student debt has steadily increased over the past decade. In 2007, the average student debt was $ 15,257. In 2020, this amount increased to $ 36,635. Now, the average student holds $ 37,693 in loans, according to educationdata.org. This is a common story for over 45.3 million people who have borrowed over $ 1.6 trillion in total. It’s more than credit cards and auto loans, second only to mortgages.
Student loans haven’t always been such an important part of education. In the past, the federal government was heavily involved in subsidizing loans. This involvement has made college more accessible to those who come from a low income background. However, the federal government has cut funding for higher education. With these cuts, people have turned to other sources of help. This has led to increasingly large unsubsidized loans. According to Sallie Mae, a consumer banking company, unsubsidized loans are “you are responsible for the interest from the time the loan money goes into your account.” This differs from subsidized loans where the bank or the government pays the interest for you while you are in school. Once out of school, you will be responsible for paying the initial amount plus accrued interest since the start of the repayment.
An economic journalist should be up to date on the issue of student loans. This problem affects more than 19 million students in the United States. With student debt and student loans in the spotlight, here are some resources and tips.
If you are looking for in-depth data and information, government sources as well as independent and trustworthy think tanks can be a great input for this question. The Pew Charitable Trusts and the National Center for Education Statistics are excellent sources for finding information related to education. Federal Student Aid, an office of the US Department of Education, can also be a great tool when it comes to student loans. They have an entire section dedicated to understanding student loans.
Public universities and colleges also publicly post their tuition and fees on their website. For example, Arizona State University, a public university, has a section explaining the standard cost of school attendance for the 2021-2022 school year. It’s the same with public colleges. Glendale Community College also has a section describing its tuition and fees. Researching a school’s tuition fees as well as their student payment plans can be invaluable to your story; this leads to a clearer picture.
Finally, chat with financial experts as well as students and their parents. Financial experts can offer their knowledge and answer any questions you may have regarding the story. However, just because an individual is qualified as an expert does not mean that the statements are taken at face value. Claims must be verified and supported by reliable evidence. Also, chat with students and parents. Having a personal account of the loan process makes the story more relevant and provides a juxtaposition for experts. Data is one thing, a personal account is another.
Student loans and debt are becoming an increasingly important part of society. However, that doesn’t mean that a business story should always be about statistics and financial data. There is always a personal consideration that goes with the data. Having a good mix of personal and goal accounts will open up this topic to more people.
If you want a more in-depth look at student loans and related topics, please check out the infographic below. The sources are highlighted.