Stat of the Day: Don’t-Lend-College-Students-Money Edition

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Here’s a fun tidbit fact-checker extraordinaire Aaron Ross dug up when we were shipping my Assignment: Ohio feature for the November/December issue. With the help of student-aid guru Mark Kantrowitz, Aaron was verifying that the majority of the student loans taken out in the United States haven’t yet been paid back. Just how much in outstanding loans are we talking?

Of the nearly $1.5 trillion in loans that US students have ever taken out on record, about $900 billion of it hasn’t been repaid. Yes, there are, according to the best estimate available, around some 60 million Americans walking around with student-loan balances. No, the numbers aren’t really so staggering because grads are slackers who never pay their debts; a third of all student loan debt was incurred in the last four years. So the national outstanding-loan debt is growing fast. Too bad for all us suckers who took out all that aid that the same cannot be said of the job market.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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