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The editors at Cheapest Colleges decided to research the topic of:
Student Debt: A Million Millions
How big is the student debt?
The Student Debt in America is now one trillion dollars
- But just how much money is that?
- A million millions
- 86,400 seconds ago was 1 day
- 1 million seconds ago was 11.5 days
- 1 billion seconds ago was 31.7 years
- 1 trillion seconds ago was 30,000 B.C.
If you put $1 trillion into a spherical cashteroid* it would be a 240 meter money ball. *Thanks to Rhett Allain @rjallain
That's one massive bailout!
- If the U.S. Government split up money between every household...
- if they divided up $1 million = $0.01
- if they divided up $1 billion = $9.01
- if they divided up $1 trillion = $9,009
In one year, to spend 1 trillion dollars. Every day you would have to spend: $189,393,939
- What could you buy with 1 Trillion dollars
- U.S. Interstate highway system cost: $466 billion dollars
- 1 trillion dollars would cover the cost of the United States national interstate system more than twice over
- U.S. Government health care spending: $959 billion dollars
- You could fund the entire Government healthcare budget and have $40 billion left over.
- With one trillion dollars you could give every currently enrolled college student $45,800 (21.8 million students)
Student Debt by the Numbers
- Amount of federal student loans owed directly to the US government:$864 billion
- Amount of student loans owed to private lenders, like banks: $150 billion
- Number of student loan borrowers in the US: 37 million
- U.S. median student loan debt in the US: $13,600
- U.S. Average student loan debt owed in the US: $24,301
- The average default rate on student loans: 13.4%
- Of those who graduated college earlier this year 70% hold an average student loan debt of over $35,000.
- Who owes the most? Student Loans, Credit Cards, Automobiles
- The trend is steady: Education is getting more expensive.
- (Extra credit assignment)
- Student loans versus National Debt
- Student Loans
- $240 billion in 2003
- $1 trillion in 2013
- National debt
- $6.7 trillion in 2003
- $16.7 trillion in 2013