Final answer:
In 2019, families borrowed more than $25,000 for college, with the average student loan debt growing to over $30,000 by 2020. The national student loan debt reached $1.6 trillion, impacting graduates' economic and life choices. Various proposals aim to alleviate the debt crisis, with past efforts focusing on Pell Grants and lower interest rates.
Step-by-step explanation:
In 2019, families borrowed more than the average cost indicated for 2022—over $25,000—for college. The increasing cost of higher education has resulted in student loan debt surpassing significant amounts over time.
In 2009, a typical student loan amount was around $23,000, whereas by 2020, the average debt for students grew to over $30,000. The national student loan debt totaled a staggering $1.6 trillion in 2020.
The implications of such high debt levels are profound, affecting both personal and economic aspects of the students' lives post-graduation.
Many graduates face the necessity of returning to their parents' homes, delaying major purchases, and having limited career and life choices due to the burden of loan repayments.
This growing financial challenge has sparked numerous proposals aimed at alleviating the student debt crisis, such as canceling existing college debts and advocating for free tuition at more colleges.
Efforts by past administrations, such as the Obama administration, included increased accessibility to federally funded Pell Grants and lowering student loan interest rates, though tuition rates have continued to rise annually.