It all began quite innocently, back in George Washington’s day with 9 chartered Universities (pre-Revolutionary War) two of which were Harvard (1636) and William and Mary. In 1800 .001 percent of the population was enrolled in college. By census, 5,308,483 people were living in the United States, of which 893,602 were slaves.
Typical college costs in 1880 at Georgetown University (then Georgetown College), District of Columbia as noted in the infographic were lame compared to today’s costs. By 1900 there were 300 universities. Tuition for private schools averaged $75-$300.
TODAY nearly 20 million Americans attend college each year. Of that 20 million, close to 12 million — or 60% – borrow annually to help cover costs. There are 38.8 million student loan borrowers with outstanding debt.
Student debt almost tripled between 2004 and 2012, it now stands at over $1.1 trillion, making student loan debt the largest form of consumer debt outside of mortgages. $101.8 billion. 17% of student borrowers are 90+ days delinquent, that’s 6.7 million people. Two out of five student loan borrowers — or 41%- are delinquent at some point in the first five years after entering repayment.
But which degree and which jobs really pay off?
Source: NonProfitCollegesOnline.com
