We’ve all seen the headlines: the cost of university education in the United States has become completely debilitating. And student debt keeps rising to record high levels.
It’s almost commonplace now for a 22-year old to graduate from university with $50,000+ in student debt.
According to data from the Federal Reserve, the total amount of student debt in the United States is now $1.5 trillion.
As SovereignMan.com’s Simon Black notes, that’s more than the estimated $1.3 trillion in direct costs that the government spent fighting the War in Iraq.
What’s probably even more bizarre is that the US government actually owns about 70% of those student loans– a total of $1.06 trillion.
I discovered this over the weekend when I was reviewing the federal government’s recently published financial statements for fiscal year 2017.