Sunday, November 4, 2018
Here, CNBC presents the stories of three American graduates who found their post-school lives financially impossible and moved to India, the Ukraine, and Japan, respectively. Their debt continues to grow, but the government doesn’t pursue them. I don’t know how common this course of escape is. Still the burden of student debt is oppressive:
Outstanding student debt in the U.S. has tripled over the last decade and is projected to swell to $2 trillion by 2022. Average debt at graduation is currently around $30,000, up from an inflation-adjusted $16,000 in the early 1990s. Meanwhile, salaries for new bachelor degree recipients, also accounting for inflation, have remained almost flat over the last few decades.
Half of student loan borrowers haven't paid even $1 toward their debt's principal five years into repayment, according to the U.S. Department of Education. Forty percent of student loan borrowers are expected to default by 2023, according to the Brookings Institution.
Although there is no national data on how many people have left the United States because of student debt, borrowers tell their stories of doing so in Facebook groups and Reddit channels. How-to advice is offered on personal finance websites.